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 Industrials collected 104.09 points to 30,173.88
The S&P 500 gained 10.29 points to 3,702.25. It marks the S&P 500’s first close above 3,700.
The NASDAQ moved higher by 62.83 points to 12,582.77, from Monday’s record high.
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 vaccine for 20 million of its residents to start. In the U.S., the Food and Drug Administration said a vaccine developed by Pfizer and BioNTech 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.
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.
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.
Prices for the 10-Year Treasury gained ground, lowering yields to 0.92% from Monday’s 0.93%. Treasury prices and yields move in opposite directions.
Oil prices sank 14 cents to $45.62 U.S. a barrel.
Gold prices surged $9.10 to $1,875.10.