NEW YORK — U.S. stocks rallied Monday but closed well below session highs after drugmakers Pfizer and BioNTech announced preliminary “success” in trials of a COVID-19 vaccine candidate.
The Dow Jones Industrial Average closed with a gain of 834 points, or nearly 3%, at 29,157 but was up by as much as 1,600 points at the start of trading.
While the benchmark index set a new intraday record and flirted with 30,000, momentum faded as the session went on. The broader S&P 500 index closed with a modest 1% gain.
Even so, the U.S. rally portends a higher open in Asian markets. Nikkei Stock Average futures rose in overnight trading on the Osaka Exchange. Read more…..
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