Major US Indices Closed at Records on Vaccine, Stimulus Hopes

Nasdaq
  • Significant advances were made by all three main indices, with the broad-based S&P 500 closing at 3,662.45, gaining 1.1 percent, beating last week’s high.
  • The Nasdaq Composite Index rose 1.3% to end at a record 12,355.11, while the Dow Jones Industrial Average gained 0.6% to 29,823.92.
  • In early 2021, France plans to target the most vulnerable and exposed populations to obtain the vaccine, preceded by a second initiative between April and June for the remainder of the country, President Emmanuel Macron declared.
  • Visit The Financial Today’s homepage for more stories.

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NEW YORK — As excitement regarding future coronavirus vaccinations and renewed stimulus talks in Congress overshadowed fears about growing Covid-19 cases, major US market indices closed at records again Tuesday.

Significant advances were made by all three main indices, with the broad-based S&P 500 closing at 3,662.45, gaining 1.1 percent, beating last week’s high.

The Nasdaq Composite Index rose 1.3% to end at a record 12,355.11, while the Dow Jones Industrial Average gained 0.6% to 29,823.92.

Since pausing on Monday, the market was back in rally mode as equities ended lower.

The European Medicines Agency stated that it would conduct a special meeting on 29 December to discuss the emergency authorization of a vaccine produced by Germany’s BioNTech and US giant Pfizer.

After it has pulled down the world economy, the news only pushes the timetable to eventually get the pandemic under management.

In early 2021, France plans to target the most vulnerable and exposed populations to obtain the vaccine, preceded by a second initiative between April and June for the remainder of the country, President Emmanuel Macron declared.

“For the first time since the pandemic began, there is now hope for a brighter future,” said OECD Chief Economist Laurence Boone, writing a global economic outlook that said vaccinations might enable the global economy to hit pre-pandemic levels by the end of next year.

The resurgence of initiatives on Capitol Hill to introduce a fiscal plan to help the coronavirus-ravaged US economy has also encouraged markets.

Presenting his economic staff, President-elect Joe Biden called for urgent relief.

Janet Yellen, Biden’s choice for Treasury secretary, cautioned that “inaction will produce self-reinforcing downturn, causing yet more devastation.”

“So many people struggling to put food on the table and pay bills and rent. It’s an American tragedy,” she said.

These advances also helped offset fears regarding growing cases of coronavirus that public authorities believe could escalate as the toll from the Thanksgiving holiday surfaces in the coming weeks.

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Image by ajay_suresh; AFP contributed to this story.

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