Stocks rise to record highs, S&P 500 closes above 3,700 for the first time
Stocks rose to fresh all-time highs on Tuesday as Pfizer started to roll out its coronavirus vaccine in the U.K., lifting hope of the economy recovering in the near future.
The Dow Jones Industrial Average gained 104.09 points, or 0.4%, to close at 30,173.88. The 30-stock Dow hit an intraday record of 30,246.22. The S&P 500 advanced 0.3% to 3,702.25. It marks the S&P 500′s first close above 3,700. The Nasdaq Composite climbed 0.5% to 12,582.77. All three of the market benchmarks were lower to start the session.
Dow Inc., Johnson & Johnson and 3M were among the best-performing Dow stocks, rising more than 1% each. Energy led the S&P 500 higher, popping more than 1.5%.
Pfizer shares rose 3.2% and reached their highest level in about two years. BioNTech, which developed the vaccine alongside Pfizer, saw its stock rise by 1.9%.
The U.K. ordered enough vaccines for 20 million of its residents to start. In the U.S., the Food and Drug Administration said the vaccine provides some protection after the first dose. The FDA also said it found no safety concerns with the vaccine.
“This is a bit of positive news that can’t be misinterpreted,” said Matt Lloyd, chief investment strategist at Advisors Asset Management. “As a whole, there are reasons to be optimistic.”
The Pfizer-BioNTech vaccine rollout came as traders kept an eye on negotiations for additional fiscal stimulus while the U.S. coronavirus caseload continues to rise.
Reference: CNBC
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