S&P 500 ends at record as stocks rally amid vaccine hopes

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Stocks scored gains Friday, with the S&P 500 closing at a record as investors cheered progress toward a COVID-19 vaccine, while seeming to look past a continued rise in new cases of the ilness. The Dow Jones Industrial Average rose around 399 points, or 1.4%, to close near 29,480, according to preliminary figures, while the S&P 500 gained around 48 points, or 1.4%, to finish near 3,585, topping its previous record close of 29,551.42 from Sept. 2. The Nasdaq Composite rose around 120 points, or 1%, to finish near 11,829. Stocks were on the rise this week after Pfizer Inc. and BioNTech SE on Monday announced their COVID-19 vaccine candidate was more than 90% effective in preventing the disease in a trial. The news sparked a rotation away from high-flying tech and internet shares that were seen as beneficiaries of the pandemic into cyclical and small-cap shares that were left behind by 2020’s stock-market gains. The tech-heavy Nasdaq saw weekly fall of 0.6%, while the more cyclically oriented Dow rose 4.1%. The S&P 500 saw a gain of 2.2%. The Russell 2000, meanwhile, rose around 2.1%.
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