A Wall Street sign is seen outside the New York Stock Exchange, September 30, 2008. REUTERS/Lucas Jackson
(Reuters) - The S&P 500 and the Dow hit record highs on Monday as the first successful late-stage clinical trial of a COVID-19 vaccine sparked hopes of the economy emerging from a pandemic-driven crisis.
The blue-chip Dow surged as much as 5.7%, also getting a boost from Joe Biden clinching a tightly-fought presidential election.
The companies hit hardest by months of travel bans and lockdowns soared, with Boeing Co up 12.6% and airlines and cruise line operators all trading 20% to 30% higher. Oil prices surged more than 10% and U.S. Treasuries sold off after Pfizer and BioNTech said the data showed the vaccine was more than 90% effective in preventing COVID-19.
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Update #1: Stocks burst higher, S&P 500 at record on vaccine hopes (AP)
Update #2: European stocks close 4% higher as global markets rally on vaccine news (CNBC)
WNU Editor: I have noticed Biden surrogates, helped by the media, are taking credit for today's massive stock market surge. I am not buying that. If their claims are true the stock futures would have been booming yesterday, but they did not. The markets only exploded seconds after Pfizer made their announcement official this morning.
