Dow, S&P 500 surge to close at new records on vaccine news

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U.S. stocks closed at fresh highs Monday as another COVID-19 vaccine candidate buoyed investor appetite for risk. The Dow Jones Industrial Average surged 474 points, 1.6%, to end at 29,953, marking its first record close since February. The S&P 500 added 42 points, 1.2%, to close at 3,627, also a new high. The Nasdaq Composite gained 95 points, 0.8%, to close near 11,924, according to preliminary closing figures. Shares of retailers like Gap Inc. and Nordstrom Inc. surged as investors tried to look beyond the stay-at-home orders likely to characterize the next few weeks.
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