Dow Rises More Than 200 Points As S&P 500 Approaches Record

Dow Rises More Than 200 Points As S&P 500 Approaches Record

The S&P 500 hit an all-time high after the economic reopening and vaccination news, amid a rotation in tech stocks on Tuesday. The broader market index rose by 0.4% and reached its February 19 record of 3,393.52. The Dow Jones Industrial Average rose 272 points, or 1%. Nasdaq Composite declined 0.1%. Local news agencies reported that Russian President Vladimir Putin has given regulatory approval for the country's first Covid-19 vaccine. While doubts emerged about whether Russia was developing a safe vaccine so quickly, the news triggered optimism of investors about the vaccine race, or perhaps the market was unable to price for how quickly a viable market could be ready. An executive from Johnson & Johnson told Reuters that if the company proves successful, the vaccine could produce 1 billion doses. Besides that, J&J shares fell 0.2%. "Better days await the markets ahead," said Jeff Buchbinder, a stock strategist at LPL Financial.