Dow end 800 points higher Monday, but well off intraday record as technology shares sink on news of a coronavirus candidate

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U.S. stocks end Monday with strong gains but left behind some of the technology giants and work-from-home winners, after German-based BioNTech SE and Pfizer Inc. announced that their COVID-19 vaccine candidate achieved “success” in the first interim analysis of a Phase 3 study. The Dow Jones Industrial Average closed 835 points, or 3% at around 29,158, but off its best record intraday high at 29,933.83, with the index missing its first closing record since Feb. 12 by about 400 points. The gain for the blue-chip benchmark was still its best since June 5. The S&P 500 index finished the day up 1.2% at about 3,550, but well off its Monday intraday record high at 3,645.99. The technology-heavy Nasdaq Composite Index , meanwhile, closed off 1.5% at 11,713, and the Nasdaq-100 index , composed off the 100 biggest components of the Nasdaq Composite, ended off 2.2%, snapping a five-session win streak. Assets considered risky had already received a boost before the open as former Vice President Joe Biden was projected over the weekend to defeat President Donald Trump following a heated election. The S&P 500’s energy sector finished up 14.2%, marking its best day since March 24. The financial sector gained 8.2% to mark the second-best performance among the S&P’s 11 sectors and its best one-day gain since March.

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