Wall Street closes higher on vaccine lift

U.S. stocks closed higher on Tuesday, with the S&P and Nasdaq setting record highs, in part due to a boost from the healthcare sector on positive COVID-19 vaccine news, while uncertainty over fresh fiscal stimulus held gains in check.

Johnson & Johnson rose 1.73% to help lift both the Dow and S&P 500 after the company said it could obtain late-stage trial results of a single-dose COVID-19 vaccine it is developing in January, earlier than expected.

Pfizer Inc advanced 3.18% as it cleared the next hurdle in the race to get its COVID-19 vaccine approved for emergency use, after the U.S. health regulator released documents raising no new safety or efficacy issues.

Wall Street’s main indexes have traded in a tight range to start the trading week, as investors look for more stimulus in the face of surging COVID-19 cases and fresh restrictions in California.

Senate Majority Leader Mitch McConnell said lawmakers should pass an aid package that includes measures they can agree on while excluding provisions such as liability protections for businesses that are causing division.

Avadoot Shah

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