Stocks Rally Worldwide with Hopes for a Return to “Normal”
The markets rallied following encouraging data about a potential COVID vaccine
Brimming hopes that people will again return to office buildings, shopping centers and normal life sent markets rallying worldwide on Monday, following encouraging data about a potential coronavirus vaccine.
The S&P 500 rose 41.06, or 1.2 percent, to 3,550.50 after Pfizer said an early peek at its vaccine data suggests the shots may be 90 percent effective at preventing COVID-19, though that doesn’t mean its release is imminent. The index at the heart of many 401(k) accounts had been up as much as 3.9 percent earlier in the day, though it pared its gain in the last hour of trading amid drops for the Big Tech stocks that dominate the market.
Markets worldwide also got a boost from a resolution to the long, market-bruising battle for the White House. Over the weekend, Democrat Joe Biden clinched the last of the electoral votes needed to become the next president. Investors say they just wanted a clear winner to emerge, instead of rooting for one of the two, but a Biden administration constrained by a Congress under split control will likely offer a balance of more predictable policies.
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