GLOBAL MARKETS-S&P 500 hits all-time closing high after earnings, oil drops on pandemic worry

(Updates to market close)
By Stephen Culp
NEW YORK, Nov 13 (Reuters) - Wall Street jumped on Friday as
encouraging earnings stoked risk appetite and President-elect
Joe Biden's COVID advisory team said it was not considering a
nationwide shutdown, but oil prices slid as Libyan output rose
and investors worried the resurgent pandemic could hurt global
demand.
The bellwether S&P 500 and the small cap Russell 2000 both
reached record closing highs.
Upbeat results from Cisco Systems Inc CSCO.O and Walt
Disney Co DIS.N helped send Wall Street's three major stock
indexes higher. "Profits have been refreshingly healthy," said David Carter,
chief investment officer at Lenox Wealth Advisors in New York.
"It's really a credit to companies' ability to adapt and grow
even in the face of the crisis."
Economically sensitive cyclicals and small cap stocks, which
led the rally at the beginning of the week, once again
outperformed. On Monday, investor risk appetite was boosted by
Pfizer Inc's PFE.N announcement that the COVID-19 vaccine
being developed with German partner BioNTech SE BNTX.O
appeared to be 90% effective.
President-elect Joe Biden's pandemic advisory board said
there was no plan to enact a nation-wide shutdown. "The recent vaccine headlines have clearly been a positive
but there is still uncertainty and concerns regarding
shutdowns," Carter added. "Biden's recent indication that the
U.S. economy may remain open certainly helps market sentiment."
The S&P 500 and the blue-chip Dow posted their second
straight weekly gains, and their best two-week runs since April,
while the tech-heavy Nasdaq ended the session below last
Friday's close.
Economic data released on Friday showed consumers were
growing more pessimistic, while tepid inflation reflected slack
labor markets and sluggish demand. The Dow Jones Industrial Average .DJI rose 399.64 points,
or 1.37%, to 29,479.81, the S&P 500 .SPX gained 48.14 points,
or 1.36%, to 3,585.15 and the Nasdaq Composite .IXIC added
119.70 points, or 1.02%, to 11,829.29.
European stocks ended flat as rising fears of economic
damage from the pandemic offset recent vaccine optimism. Still,
the benchmark index notched its second straight week of gains.

The pan-European STOXX 600 index .STOXX rose 0.01% and
MSCI's gauge of stocks across the globe .MIWD00000PUS gained
0.83%.
U.S. Treasury yields were mixed as investors consolidated
positions ahead of the weekend and remained cautious given the
surge in coronavirus cases. But the yield curve steepened on
Friday, after flattening the previous session. Benchmark 10-year notes US10YT=RR last fell 2/32 in price
to yield 0.893%, from 0.886% late on Thursday.
The 30-year bond US30YT=RR last rose 6/32 in price to
yield 1.6442%, from 1.652% late on Thursday.
U.S. crude CLcv1 dropped 2.41% to settle at $40.13 per
barrel, while Brent LCOcv1 settled at $42.78 per barrel, down
1.72% on the day. O/R
The dollar was down, but safe-haven yen and Swiss franc
currencies strengthened, reflecting a loss of risk appetite
driven by vaccine hopes. The dollar index .DXY fell 0.23%, with the euro EUR= up
0.23% to $1.1831.
The Japanese yen strengthened 0.48% versus the greenback at
104.64 per dollar, while Sterling GBP= was last trading at
$1.3195, up 0.62% on the day.
Gold prices rose as rising global coronavirus infections
sparked renewed fears over the pandemic's economic toll.
Spot gold XAU= added 0.6% to $1,887.78 an ounce.

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Global assets http://tmsnrt.rs/2jvdmXl
Global currencies vs. dollar http://tmsnrt.rs/2egbfVh
Emerging markets http://tmsnrt.rs/2ihRugV
MSCI All Country Wolrd Index Market Cap http://tmsnrt.rs/2EmTD6j
Yields on longer-dated Treasury debt https://tmsnrt.rs/3koq9py
S&P 500 sectors gain amid vaccine hopes https://tmsnrt.rs/3eGGlBa
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