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…..
Chart of the Day
Icarus TV
As Berkshire’s Vice Chairman, the 95-year-old Munger is Warren Buffett’s right-hand man. He’s also an investing legend in his own right. Munger ran a firm in the 1960s and ’70s that scored returns of over 24% per year. He’s here to talk about how to make investment decisions and life choices that help secure prosperity and longevity.
