The small-cap focused Russell 2000 index early Monday just notched its first intraday record since September of 2018, according to FactSet data. The Russell 2000 index was trading 5.9% to start the week at around 1,741, with an intraday peak at 1,745.69, representing its first intraday record high since Sept. 3, 2018 when it hit 1,742.09. The moves come as positive news around the prospects for a vaccine for COVID-19 injected bullishness on Wall Street, raising the chances of a better economic rebound from the deadly pandemic that has stricken businesses and put millions of people out of work. On Monday, Pfizer and partner BioNTech said their experimental coronavirus vaccine was 90% effective in preventing people from contracting the disease. The vaccine news combined with the declaration of former Vice President Joe Biden win over incumbent President Donald Trump set the stage for a powerful market rally, with small caps seen as benefitting the most from improved vaccine prospects and the likelihood that Biden will push for another round of economic relief. The Dow Jones Industrial Average and the S&P 500 index also touched intraday trading highs on Monday.
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