S&P 500, Nasdaq hit record intraday highs

CNBC’s Bob Pisani looks ahead to the day’s market action. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

Stocks rose to fresh all-time highs on Tuesday as Pfizer started to roll out its coronavirus vaccine in the U.K., lifting hope of the economy recovering in the near future.

The Dow Jones Industrial Average gained 104.09 points, or 0.4%, to close at 30,173.88. The 30-stock Dow hit an intraday record of 30,246.22. The S&P 500 advanced 0.3% to 3,702.25. It marks the S&P 500′s first close above 3,700. The Nasdaq Composite climbed 0.5% to 12,582.77. All three of the market benchmarks were lower to start the session.

Dow Inc., Johnson & Johnson and 3M were among the best-performing Dow stocks, rising more than 1% each. Energy led the S&P 500 higher, popping more than 1.5%.

Pfizer shares rose 3.2% and reached their highest level in about two years. BioNTech, which developed the vaccine alongside Pfizer, saw its stock rise by 1.9%.

The U.K. ordered enough vaccines for 20 million of its residents to start. In the U.S., the Food and Drug Administration said the vaccine provides some protection after the first dose. The FDA also said it found no safety concerns with the vaccine.

“This is a bit of positive news that can’t be misinterpreted,” said Matt Lloyd, chief investment strategist at Advisors Asset Management. “As a whole, there are reasons to be optimistic.”

The Pfizer-BioNTech vaccine rollout came as traders kept an eye on negotiations for additional fiscal stimulus while the U.S. coronavirus caseload continues to rise.

» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic

Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast

Connect with CNBC News Online
Get the latest news: http://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC



Category: News
About The Author