Stocks higher this week but technology sector lags

Stocks higher this week but technology sector lags

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On Tuesday, UK and European stocks ended higher on continued optimism about a coronavirus vaccine even as new cases of infections increased in several regions. EU negotiators moved a step closer to finalising a landmark 1.8 trillion-euro stimulus package. The FTSE 100 climbed to its highest level since June on renewed Brexit optimism and a positive COVID-19 vaccine update from Pfizer. The UK jobs report showed the unemployment rate jumped to a four-year high of 4.8 percent in the third quarter.

US stocks turned in a mixed performance as the Dow added to the strong gain posted in the previous session but the Nasdaq extended a sharp pullback as the rotation out of the technology sector continued. The US reported more than 100,000 coronavirus cases for the seventh straight day, bringing the total number to over 10 million, based on data from the Johns Hopkins University. The global coronavirus pandemic has now infected more than 51 million people and claimed over 1.2 million lives.

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