S&P 500, Nasdaq start December at peak on vaccine optimism

Tuesday 1442/4/16 - 2020/12/01
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New York, Dec 1, 2020, SPA -- The S&P 500 and the Nasdaq hit record highs on Tuesday as hopes that a COVID-19 vaccine will be available soon and better-than-expected factory data from China bolstered bets of a speedy economic recovery, Reuters reported.
Investors are closely following updates on a handful of leading vaccine candidates as well as the start of global shipments as drug makers submit paperwork for regulatory approvals.
Pfizer Inc. gained about 5% as the drug maker and Germany's BioNTech SE sought emergency approval of their vaccine candidate from the European regulator.
The partners are now neck-and-neck with rival Moderna, which jumped 11% after announcing it would ask the regulator to recommend conditional approval for its shot.
All major S&P sectors rose with economically-sensitive energy and financials leading gains.
The Dow wrapped up its best month in more than three decades on Monday as breakthroughs in vaccine spurred a shift toward sectors hardest-hit by virus induced shutdowns.
At 10:08 a.m. ET, the Dow Jones Industrial Average rose 409.86 points or 1.38% to 30,048.50, the S&P 500 gained 49.33 points, or 1.36% to 3,670.96 and the Nasdaq Composite gained 136.25 points or 1.12% to 12,334.61.
--SPA
20:54 LOCAL TIME 17:54 GMT
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