Stocks Rally to Record as Small Caps Outpace Tech: Markets Wrap
- Cisco and Disney jump after strong results; Zoom tumbles
- New York daily infections top 5,000 for first time since April
Stocks climbed to a record as the rotation to economically-sensitive industries regained momentum even with a surge in coronavirus cases that could lead to more restrictions and crimp growth.
Both the S&P 500 and the Russell 2000 Index of small caps rallied to all-time highs, while the Dow Jones Industrial Average rose to pre-pandemic levels. All major groups in the equity benchmark advanced, with energy, industrial and financial companies among the biggest gainers. The tech-heavy Nasdaq 100 underperformed major gauges, with stay-at-home winner Zoom Video Communications Inc. tumbling. Walt Disney Co. jumped on solid results, and Cisco Systems Inc. climbed after upbeat sales projections. Tesla Inc., whose Chief Executive Officer Elon Musk tweeted he may have Covid-19, fell. DoorDash Inc., the biggest U.S. food delivery platform, filed for an initial public offering.