Wall Street's main indexes rose and the tech-heavy Nasdaq hit a record high on Friday as optimism around an economic rebound next year outweighed fears of an expected surge in coronavirus infections following the Thanksgiving holiday, according to Reuters. Five of the 11 major S&P indexes were up by mid-morning, with information technology jumping 0.8% on demand for stay-at-home winners Apple Inc, Microsoft Corp and Nvidia Corp. Market volatility, as measured by the CBOE volatility index , slipped to levels last seen in late-February. Trading volumes are expected to be light as the U.S. stock market closes early on Friday. By 11:03 a.m. ET, the Dow Jones Industrial Average was up 0.19%, the S&P 500 was up 0.36% and the Nasdaq Composite was up 1.08%. Hopes of more stimulus, signs of progress in developing COVID-19 vaccines and encouraging economic data have lifted the three main U.S. stock indexes by more than 10% this month and set the S&P 500 on course for its best November ever. A rotation into sectors deemed to benefit from an economic recovery, such as industrials and financials, has also powered the Dow to record highs and put it on track for its biggest monthly gain since 1987. Advancing issues outnumbered decliners 1.11-to-1 on the NYSE and 1.36-to-1 on the Nasdaq. The S&P index recorded 22 new 52-week highs and no new low, while the Nasdaq recorded 127 new highs and seven new lows.
