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Stocks rally to start the week, Nasdaq closes at record after Pfizer vaccine approval

Stocks finished higher Monday following a volatile week on Wall Street, led by reopening stocks as the Food and Drug Administration approved its first Covid-19 vaccine.

The S&P 500 added 0.8% to reach 4,479.53, just shy of a record close. The tech-heavy Nasdaq Composite rose about 1.5% to 14,942.65 to hit a record closing high. The Dow Jones Industrial Average gained 215.63 points, or 0.6%, to 35,335.71.

Shares of vaccine makers jumped on Monday after the FDA granted full approval for the two-dose Pfizer-BioNTech vaccine for Covid-19. Pfizer shares rose 2.4%. Its partner BioNTech’s stock jumped 9.5% and Moderna climbed 7.5%. Trillium Therapeutics soared 188% on news that it’ll be acquired by Pfizer.

· Stock futures inch higher after a broad rally on Wall Street amid vaccine approval

Stock futures edged higher in overnight trading on Monday following a broad-based rally on news that U.S. regulators granted full approval for Pfizer-BioNTech’s Covid vaccine.

Futures on the Dow Jones Industrial Average rose 60 points. S&P 500 futures and Nasdaq 100 futures both rose 0.2%.

The market started the week on a high note as shares sensitive to an economic recovery jumped on optimism that the vaccine approval would clear path for more mandates in the face of the spread of the delta variant.

Reference: CNBC