S&P 500 hits record high, breaks above 3,700 for first time as Pfizer begins UK vaccine rollout

S&P 500 hits record high, breaks above 3,700 for first time as Pfizer begins UK vaccine rollout

Stocks rose on Tuesday, clawing back small losses from earlier in the day, as Pfizer started to roll out its coronavirus vaccine in the U.K.The S&P 500 advanced 0.3% to a record high. It was also the first time the S&P 500 traded above 3,700. The Nasdaq Composite also traded at an all-time high, advancing 0.2%. The Dow Jones Industrial Average climbed 139 points, or 0.5%. Pfizer shares rose more than 3% and reached their highest level in more than a year. BioNTech, which developed the vaccine alongside Pfizer, saw its stock rise by 1.8%.The U.K. ordered enough vaccine 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. 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.Republican and Democratic leaders said Monday that Congress is trying to extend government funding for an additional week to try and strike a deal on new Covid-19 aid. The news came after a bipartisan group of senators unveiled a $908 billion stimulus proposal last week.”News out of DC that fiscal stimulus talks have resumed is also a positive development (though until a deal actually passes the President’s desk, this might be all hat, no cattle),” wrote Willie Delwiche, investment strategist at Baird. “These headlines come at a critical time as we remain in a challenging time from both a health and economic perspective.”Calls for a new aid bill being pushed through before year-end have grown recently as U.S. employment growth continues to slow down and the number of Covid-19 cases keeps rising.”We’ve been hopeful for a while that a fiscal stimulus deal will get done,” said Tom Martin, senior portfolio manager at GLOBALT. “But there are still deep-seeded issues preventing” a deal from happening. Right now. the market is “treading water,” he said. More than 14.8 million coronavirus cases have been confirmed in the U.S., according to data from Johns Hopkins University. The country’s daily infection rate, as a seven-day average, is also at an all-time high.This latest spike in Covid-19 cases has led several states and cities to reimpose stricter social-distancing measures. New York Gov. Andrew Cuomo said Monday that New York City could lose indoor dining next week, adding that more severe restrictions would be imposed if hospitals reach a critical point.”You can’t overwhelm the hospital system,” Cuomo said. “Overwhelming the hospital system means people die on a gurney in a hallway.”Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.


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