Stock market today
The US stock market closed mixed today. Nasdaq and tech stocks underperformed, small-cap stocks outperformed for a second consecutive day. S&P 500 was flat, Dow Jones gained 262 points, continuing its rally for a second consecutive day. The closing numbers for the US stock market today:
S&P 500: 3,545.53,-4.97(-0.14%)
Dow 30: 29,420.92,+262.95(+0.90%)
Russell 2000: 1,734.63,+29.59(+1.74%)
stock market news
“Stocks were mixed Tuesday as investors reined in an initial wave of optimism over a promising vaccine candidate. Tech shares remained under pressure, and the Nasdaq dipped further after Monday’s losses.
News that a Pfizer (PFE) and BioNTech’s (BNTX) vaccine candidate was more than 90% effective in preventing COVID-19 in patients in its clinical trial helped fuel a market rally earlier on Monday. During the regular session, the S&P 500 and Dow rocketed to intraday records, with the latter index adding as many as 1,610 points, or 5.7% at session highs. However, both indices pared some gains into market close.
“I think the big surprise here was the efficacy. I think you had polled investors before this, the efficacy range would have been 50-75% as sort of a wide range,” Stuart Kaiser, UBS Head of Equity Derivatives Research, told Yahoo Finance on Monday. “And if this number is truly 90% or above, I think that is what the market is responding so positively to.”
More positive news from companies working on COVID-19 vaccines and therapeutics came out during the overnight session. Eli Lilly (LLY) said its antibody therapy for treating mild to moderate COVID-19 in high-risk patients had received emergency use authorization from the U.S. Food and Drug Administration. Shares of the drug-maker rose more than 3% in early trading.
Shares of cruise lines, airlines and lodging companies – which each stand to benefit from the increase in consumer confidence that an effective vaccine might confer – gave back some gains after surging during the regular session.”