Dow soars to first intaday record in 9 months on upbeat report on coronavirus Pfizer-BioNtech candidate, Biden presidency

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MARKET PULSE

U.S. stock benchmarks notched record highs early Monday after a Pfizer Inc. (PFE) and BioNTech (BNTX) coronavirus vaccine candidate showed a 90% efficacy in Phase 3 trials. The news on the experimental drug comes as Democrat Joe Biden’s electoral victory, projected on Saturday, laid the groundwork for a powerful rally. The Dow Jones Industrial Average (DJIA) advanced 1,550 or near 29,853, up 5.1% and trading at its highest level, above an intraday record, since Feb. 12. The S&P 500 index (SPX) was trading at its own record at 3,636, up 3.6%, trading around an intraday record, while Nasdaq Composite Index (COMP) was climbing 1.2% at 12,058.

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