Dec. 8 (UPI) — The S&P 500 climbed above 3,700 for the first time on Tuesday as all three major U.S. markets rebounded back to record highs.
The S&P ended the day up 11.20 points, or 0.28%, to close up 3,702.25 for its highest finish on record.
Meanwhile, the Dow Jones Industrial Average gained 104.09 points, or 0.35%, to end the day at 30,173.88 after hitting an intraday record of 30,246.22. The Nasdaq Composite gained for the second day, rising 63.68 points, or 0.5%, to a record 12,582.77.
Pfizer stocks climbed 3.18% and BioNTech gained 1.92% as the vaccine developed by the two companies began rolling out in Britain and the U.S. Food and Drug Administration announced it offers more than 50% protection against the virus within 10 days of receiving the first dose.
Johnson & Johnson increased 1.73% and 3M grew 1.39% to help push the Dow higher, while the S&P’s energy sector led the way for the index, rising 1.5%.
Markets also reacted to ongoing talks in Congress regarding another round of COVID-19 stimulus as Senate Republican leader Mitch McConnell said he would be willing to concede the inclusion of liability protections for businesses if Democrats hold off on calls to increase funding for state and local governments.
Tuesday’s gains came after the Dow and S&P fell off of weekend records on Monday amid concerns about rising COVID-19 cases and analysis that investors would lean toward hedging against crowded trades.