Stocks were slightly higher Tuesday morning following a broad-based rally on news that U.S. regulators granted full approval for Pfizer-BioNTech’s COVID vaccine.
The Dow Jones Industrials stayed green 45.22 points to 35,380.93.
The S&P 500 inched higher 7.23 points to 4,486.76.
The NASDAQ Composite gathered 51.34 points to 14,993.99, to another intraday high.
Shares of vaccine makers pulled back Tuesday. Pfizer dropped 6%, and BioNTech is 6% lower. Moderna fell 5% and Trillium Therapeutics, which surged about 180% Monday on news it would be acquired by Pfizer, is slightly lower, too, by 0.17%.
Travel stocks have extended their rally from Monday, with airlines and cruise lines broadly up about 3% on Tuesday. Casino operators Las Vegas Sands and Wynn Resorts are also higher by 5% and 6%, respectively, after Macau eased travel restrictions with the improvement of the COVID-19 case outlook in China’s Guangdong province, a key visitor source for the gambling capital.
Investors are eyeing the Jackson Hole symposium later this week, which is expected to be a market-moving event where central bankers could detail their plans for tapering monetary stimulus. The Federal Reserve has started discussions to pull back its $120 billion a month bond-buying program by the end of this year.
Prices for 10-Year Treasurys sagged a bit, pulling up yields to 1.27% from Monday’s 1.26%. Treasury prices and yields move in opposite directions.
Oil prices climbed $1.59 to $67.23 U.S. a barrel.
Gold prices were better $1.80 to $1,808.10 U.S. an ounce.