BY NIV ELIS | The Hill
The Dow Jones Industrial Average shot up over
1,500 points, or 5.5 percent, hovering at 29,887, well above its pre-pandemic
peak of 29,569. By close, its gains were nearly cut in half, closing below
previous records at 29,158.
The S&P 500 jumped 129 points, or 3.7
percent, reaching 3,636, well beyond its September record of 3,587. Like
the Dow, the S&P pared back gains to close at 3,551, also below its record.
Industries that have been hardest hit by the
pandemic, such as travel and leisure, saw major boosts, shifting investment
away from e-commerce businesses that have thrived during the pandemic. The
tech-heavy Nasdaq closed the day in negative territory, losing 181 points, or
1.5 percent.
The news sets up a potential timeline and
eventual end game for eradicating the global pandemic, which has
caused one of the worst recessions on record. Millions of people have
been put out of work, numerous businesses have been closed, over 10 million
Americans have been infected, and nearly a quarter million have been
killed.
President Trump praised
the news, and the stock market reaction, in an all caps Tweet.
"STOCK MARKET UP BIG, VACCINE COMING
SOON. REPORT 90% EFFECTIVE. SUCH GREAT NEWS!" he wrote.
…
https://thehill.com/policy/finance/525098-markets-soar-breaking-records-on-pfizer-vaccine-news
