Day Traders Diary
The major averages rose with the S&P 500 closing at fresh all-time highs on Tuesday as Pfizer started to roll out its coronavirus vaccine in the U.K. The Dow Jones Industrial Average gained 104 points or 0.35%. The S&P 500 advanced 0.4%, and the Nasdaq Composite climbed 0.5%. All three of the market benchmarks were lower to start the session.
Dow Inc., Johnson & Johnson and Travelers were among the best-performing Dow stocks, rising more than 1% each. Energy led the S&P 500 higher, popping more than 1%.
Pfizer shares rose more than 3% and reached their highest level in more than a year. BioNTech, which developed the vaccine alongside Pfizer, saw its stock rise by 1.8%.
The U.K. ordered enough vaccines for 20 million of its residents to start. In the U.S., the Food and Drug Administration said the vaccine provides some protection after the first dose. The FDA also said it found no safety concerns with the vaccine.
The Pfizer-BioNTech vaccine rollout came as traders kept an eye on negotiations for additional fiscal stimulus while the U.S. coronavirus caseload continues to rise.
Senate Majority Leader Mitch McConnell said he wants to pass a relief bill with neither legal immunity for businesses nor aid for state and local governments, two key and contentious issues along with direct stimulus checks to individuals.
Longer-dated Treasuries finished with modest gains despite the vaccine/stimulus developments. The 2-yr yield was flat at 0.14%, and the 10-yr yield decreased two basis points to 0.91%. The U.S. Dollar Index increased 0.2% to 90.96. WTI crude futures declined 0.3%, or $0.13, to $45.64/bbl.
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