U.S. stocks rose Tuesday, giving the S&P 500 another record as the approval of Pfizer’s Covid-19 vaccine continued to lift sentiment.
The S&P 500 gained 0.15%, pushing the benchmark index to its 50th record close of 2021. The Dow Jones Industrial Average added 0.1%, while the technology-heavy Nasdaq Composite advanced 0.5%, setting up its first close above 15000.
The full approval from U.S. regulators for the Covid-19 vaccine from Pfizer and partner BioNTech has raised hopes that more unvaccinated people will get the shot, potentially diminishing a threat to the economic outlook.
“The more that we have people vaccinated, the more that we have a chance at seeing the light at the end of the tunnel for Covid being the dominant headline of the day,” said Beata Kirr, co-head of investment strategies at Bernstein Private Wealth Management.
Stocks have been grinding higher as investors weigh strong corporate earnings and the economic rebound against the global surge in Covid-19 cases, which is prompting fresh restrictions in some markets. Money managers are also assessing whether the Federal Reserve may slow down plans to pare back its easy-money policies because of signs that economic growth may be slowing.
Read More: Stocks Rise, With S&P 500, Nasdaq Hitting Records