US Stocks Rise Tuesday Morning 12/01 09:29
U.S. stocks rose broadly in morning trading Tuesday and the S&P 500 pushed
toward another record high as investors focus on the possibility that
coronavirus vaccines could soon help usher in a fuller global economic recovery.
NEW YORK (AP) -- U.S. stocks rose broadly in morning trading Tuesday and the
S&P 500 pushed toward another record high as investors focus on the possibility
that coronavirus vaccines could soon help usher in a fuller global economic
The S&P 500 rose 1.2%. The sharp opening to December follows a 10.8% surge
for the broad index in November, marking its best month since April. The index
is also on track to surpass its record high of 3,638.35 set on Friday.
The Dow Jones Industrial Average rose 363 points, or 1.2%, to 30,002 as of
10:07 a.m. The Nasdaq rose 1.1%. Treasury yields also rose in another sign of
optimism from investors.
European regulators could approve a coronavirus vaccine developed by
drugmakers Pfizer and BioNTech within four weeks. The companies have already
asked for approval to begin vaccinations in the U.S. in December. Moderna is
also asking U.S. and European regulators to allow emergency use of its COVID-19.
Roughly 90% of the companies in the S&P 500, as well as every sector, were
gaining ground. Technology companies, which have been leading the market higher
throughout the pandemic, led the way. Banks, industrial companies and others
that rely on direct consumer spending weren't far behind. Hopes for a vaccine
and return to economic normalcy have been helping to shift momentum toward
The yield on the 10-year Treasury rose to 0.90% from 0.83% late Monday. The
higher yields are also helping to bolster banks, which rely on higher bond
yields to charge more lucrative interest on loans.
The economic recovery has been stunted by a resurgence of the virus, but
investors are looking past much of that because of good progress on vaccine
development. The Organization for Economic Cooperation and Development said in
a report that the world economy will bounce back to its pre-pandemic levels by
the end of next year, though the recovery will be uneven across the countries
and many risks remain.
European markets rose. Germany's DAX gained 0.9% and the CAC 40 in France
rose 1.9%. Britain's FTSE 100 was up 2%. Markets in Asia also rose.