Two days after positive new on a coronavirus vaccine pushed tech stocks down and travel and leisure stocks up, markets on Wednesday somewhat reversed course.
The tech-heavy Nasdaq composite closed up 233 points, or 2 percent, while the Dow Jones Industrial Average was flat, losing 23 points, or 0.1 percent. The S&P 500 inched up 27 points, or 0.8 percent.
Markets, which retreated in late October, have been in a generally positive mood in November, despite some uncertainty surrounding the election.
While former Vice President Joe Biden has won the White House, control of the Senate remains uncertain until voters in Georgia head back to the polls in January for two hotly contested runoffs. Markets have historically performed best under a divided government.
But news on Monday that Pfizer’s vaccine had proven to be 90 percent effective two months into its most recent trials sent markets surging, as traders saw a potential end in sight to the pandemic that is continuing to break daily records in infections and hospitalizations.
A highly effective vaccine would mean less upside for some of the tech stocks that surged during the pandemic, and hope for struggling companies that rely on in-person interaction or large group gatherings that have suffered as people practiced social distancing.
Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
