Dow, S&P Hit Records At Market Open On News Of Pfizer's Vaccine

Stock prices are soaring on news from Pfizer that the company's COVID-19 vaccine, one with the ability to be mass-produced, proved to be 90 percent effective in the first patients it was tested on.

The Dow Jones Industrial Average gained over 1,400 points or 5% while the S&P 500 rallied 3.5% - both hitting fresh records. The Nasdaq Composite rose 0.6%

President Trump took notice and tweeted about it this morning.

While Joe Biden said in a statement:

"I congratulate the brilliant women and men who helped produce this breakthrough and to give us such cause for hope. At the same time, it is also important to understand that the end of the battle against COVID-19 is still months away..."

Airlines, cruise lines rallied on the developments, while stay-at-home stocks including Zoom, Amazon slipped.

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