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.