Markets at new highs after Pfizer news, jobs report


Pfizer has it’s best day on record after solid results for it’s Covid pill. And the jobs number was better than expected. With CNBC’s Melissa Lee and the Fast Money traders, Guy Adami, Jeff Mills, Steve Grasso and Nadine Terman. For access to live and exclusive video from CNBC subscribe to CNBC PRO:

U.S. stocks rallied to record levels on Friday after the October jobs report came in better than expected, boosting optimism about the economic recovery.

A major development from Pfizer regarding its easy-to-administer Covid-19 pill fueled hope for a smooth reopening further, sending shares of airlines and cruise line operators soaring.

The Dow Jones Industrial Average rose 203.72 points, or nearly 0.6%, to 36,327.95. The S&P 500 gained 0.4% to 4,697.53 for its seventh straight positive day. The tech-heavy Nasdaq Composite edged up 0.2% to 15,971.59. All three major averages reached their respective record closing highs.

The move for stocks came as data showed job gains for the month of October totaled 531,000. Consensus estimates called for 450,000 jobs added, according to Dow Jones. The report also revised September’s disappointing number up to 312,000 job gains from 194,000 previously, and increased its August number by a similar amount.

“Markets are cheering a much better than expected jobs report this morning as nonfarm payrolls smashed expectations,” said Cliff Hodge, chief investment officer at Cornerstone Wealth. “Gains were broad-based across industries, and manufacturing was a real bright spot.”

All three major averages notched a winning week. The S&P 500 gained 2% this week, pushing its 2021 gains to 25%. The Dow rose 1.4% this week, while the Nasdaq rallied nearly 3.1% for its best weekly performance since early April.

Pfizer shares surged nearly 11% after the company said its Covid-19 drug, used with an HIV drug, cut the risk of hospitalization by 89%. Pfizer board member Dr. Scott Gottlieb said Friday that the pandemic could be over in the U.S. by the time President Biden’s workplace vaccine mandates take effect in early January.

The news boosted classic reopening plays. United Airlines shares jumped more than 7%, while American Airlines popped 5.7%. Carnival and Royal Caribbean rallied more than 8% each, while Norwegian Cruise Line advanced 7.8%.

Recovery stock Expedia saw its shares roar higher by 15.6% a day after the company said renewed travel demand boosted its top and bottom lines higher than analysts had expected.

“The labor market recovery is back on track, but it will still take several months to get to maximum employment,” said Edward Moya, senior market analyst at Oanda. “Alongside the Pfizer COVID pill news, this strong [jobs] report should ease some of the supply chain problems and that will make some investors embrace the reopening trade.”

Peloton shares cratered more than 35% after the fitness platform and maker of interactive treadmills and exercise bikes reported a much larger loss than expected and cut its full-year outlook as fitness buffs headed back to the gym and away from at-home workouts.

The company also cited ongoing supply chain challenges for its “challenged visibility” over the near term that CEO John Foley said is causing the company to lower its expectations.

Earlier this week, investor digested the Federal Reserve’s plan to begin tapering its pandemic aid by the end of November, putting the central bank on track to end its asset purchase program by the middle of next year.

» Subscribe to CNBC TV:
» Subscribe to CNBC:
» Subscribe to CNBC Classic:

Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30:

Connect with CNBC News Online
Get the latest news:
Follow CNBC on LinkedIn:
Follow CNBC News on Facebook:
Follow CNBC News on Twitter:
Follow CNBC News on Instagram:



Read Also

Leave a Reply

Your email address will not be published. Required fields are marked *

Responses (27)

  1. Hello Mrs Jane is legit and her method works like magic I keep on earning every single week with her new strategies

  2. YES, in Tom Lee we trust.

  3. You try to give the video more brightness it will be great if you do

  4. “Oh by the way” stop saying oh by the way!!!

  5. Its not that rosy folks like you guys just cheering about rather all well manipulated markets! For me markets are signaling a topping pattern (blow off top) and heading for another sharp correction similar to September! IMO!

  6. C+c music factory not Mc hammer

  7. The Pfizer pill won't be any more effective than the one from Merck/Ridgeback. In the clinical trial 7% of the control group ended up hospitalized, versus 14% of the control group in the Merck trial. That tells us Pfizer selected participants who were significantly less high risk than the Merck participants. Lousy science.

  8. This is a good report for Brandon and the work he is doing. Great additional jobs and another stock market record.

  9. The f the host is talking about . She’s clueless

  10. Thank you Brandon

  11. They all love to drop an "and oh by the way.." on fast money

  12. CEO of Pfizer arrested, charged with fraud – media blackout as #PfizerGate trends – Conservative Beaver

  13. Let's call it the infinity pump.

  14. How can the end of the Pandemic be coming to an end when Biden will mandate vaccines on Jan. 4? This will lead to unrest, massive job losses, and much more.. This will be really bad for the economy, and peace in the country..

  15. Pfizermectin. I wonder how much money they will make off of this..

  16. Melissa looks more and more beautiful day by day. 🙂

  17. These people either didn't read the medication details or are too ignorant to understand it. Its another anti-inflammatory for end stage covid hijacking your immune system. It dulls your body from fighting covid.

  18. @0:48, wow I know we all look alike 👀but that phrase comes from the Arsenio Hall Show : These are things that make you say "hmmm"

  19. Gold rally. Dollar weak

  20. Tech stocks should we sell that means… Monday all tech will be in red due to pfizer news.

  21. 00:59 Does CNBC tell EVERY commentator they have to use that STUPID phrase …… "and OH BY THE WAY ……" in almost every video??!

  22. As we are approaching winter ❄️ also the anual christian festival celebration is close, I'm really happy for those involved in the market at the moment because Bitcoin precisely would be massive.🤶🎄

  23. Thank you President Biden. The US is BACK.

  24. love the way he says Melms lol

  25. Wow I really don't see the covid-19 end any soon.