S&P 500 Closes at Record on Vaccine Optimism

Technology stocks were among this week's laggards as investors shifted bets to economically sensitive sectors such as banks and energy. 


 
Consumer Sentiment Soured in First Half of November

The University of Michigan's index of consumer sentiment declined for the two weeks straddling the national elections, as Republicans grew more pessimistic and Democrats worried about a surge in coronavirus infections. 


 
Trump Administration's Rule Ending Drug Rebates in Medicare Nears Final Approval

A revived rule to end rebates that drugmakers give to middlemen in Medicare is awaiting approval from the Office of Management and Budget and a final rule could be imminent, according to a person familiar with the matter. 


 
Freddie Mac CEO Quits

The chief executive of mortgage-finance company Freddie Mac plans to step down in January. 


 
U.S. Oil-Rig Count Rises by 10 in Latest Week

The number of rigs drilling for oil in the U.S. rose by 10 in the latest week to 236, according to oil-field services firm Baker Hughes. 


 
Analysis: ECB Rate Cut Unlikely After Vaccine Breakthrough

The European Central Bank's anticipated package of stimulus measures in December looks unlikely to include an interest rate cut following the recent breakthrough in developing a vaccine against Covid-19. 


 
Covid Vaccine Stocks May Cause Excess Optimism, Losses

Vaccines from Pfizer and Moderna are essential to end the coronavirus pandemic, but investors should remain cautious about the long term business opportunity. 


 
Covid-19 Vaccine, Election Results Boost Riskiest Borrowers

The U.S. election and good early results for a Covid-19 vaccine have given a double-boost to junk-rated companies such as American Airlines, Macy's and Occidental Petroleum. 


 
Fed's Williams Says Covid Surge Puts Question Mark On Economic Outlook

The New York Fed leader said the recovery so far has been better than expected, but added that the rise of coronavirus cases puts a question over the outlook even as news of a potential vaccine suggests a solution to the crisis may be coming. 


 
Tech Could Trip Up Biden's European Reunion

Investors can expect warmer words between Washington and Brussels under a Biden administration. But while trade tensions are likely to abate, an end to the skirmishes over tech and tax that marked the Trump era is too much to hope for.

(END) Dow Jones Newswires

11-13-20 1715ET