Stocks back at record highs | Pfizer vaccine rollout begins in the U.K. | Covid-19 under control in 'back half of 2021'?
EDITOR'S NOTE
The three major averages hit fresh record highs as vaccinations against Covid-19 began on Tuesday in the U.K.
The S&P 500 advanced 0.3% to break above 3,700 for the first time, while the Nasdaq Composite gained 0.5%. The Dow Jones Industrial Average, meanwhile, popped 100 points and reached an intraday all-time high.
Pfizer began to roll out its coronavirus vaccine in the U.K. The British government has enough vaccine for 20 million of its residents to start. Pfizer shares rose more than 3%. BioNTech, which developed the vaccine with Pfizer, closed up 1.9%.
A Covid vaccine has yet to be rolled out in the U.S., but the Food and Drug Administration said the Pfizer-BioNTech drug provides some protection after the first dose. The FDA also said it found no safety concerns with the vaccine.
"Vaccines are coming," wrote Tom Lee, head of research at Fundstrat Global Advisors. "We think the appropriate stance remains to be risk-on."
However, Lee cautioned that "the Pfizer vaccine is the one that requires the most difficult supply chain," adding that the future is "uncertain."
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