stock market today
S&P 500: 3,621.63,-16.72(-0.46%)
Dow 30: 29,638.64,-271.73(-0.91%)
Russell 2000: 1,819.82,-35.45(-1.91%)
stock market news
“Dow posts best month since 1987 as vaccine news boosts stocks.
Stocks fell Monday as investors gave back some of last week’s gains, which sent the S&P 500 and Nasdaq to fresh record highs and the Dow above 30,000 for the first time ever.
However, the three major indices capped off November with major monthly gains. The Dow posted a monthly gain of nearly. 11.9% for its best month since early 1987. The S&P 500 tracked toward a rise of about 10.7%, and the Nasdaq posted an 11.9% advance in November, which were each the best gains since April this year.
Investors rode a wave of upbeat news about impending COVID-19 inoculations, with AstraZeneca (AZN) becoming the latest drug-maker to announce strong efficacy data about its vaccine candidate last week. Moderna (MRNA) said Monday it will file for emergency use authorization with the U.S. Food and Drug Administration for its vaccine candidate, joining Pfizer (PFE), which has already applied for an EUA.
Stocks set to benefit most from the lasting economic reopening that a vaccine might confer ticked lower after soaring last week, as traders extended November’s rotation into cyclical stocks and away from some of the high-flying tech names that had led earlier on during the pandemic. Shares of Carnival Corporation (CCL), Norwegian Cruise Line Holdings (NCLH), American Airlines (AAL), and United Air Lines (UAL) jumped by double digit percentages last week alone, far outpacing the broader market’s 2.3% advance over that time frame. Boeing (BA), American Express (AXP) and Chevron (CVX) led last week’s gains in the Dow.”