Global stocks hit record on vaccine hopes
Global shares rose to record highs for a third straight session as positive news about COVID-19 vaccines relieved worries about rising coronavirus infections and related economic damage.
Pfizer Inc shares climbed 0.78% after the drugmaker announced that its COVID-19 vaccine was 95% effective. Pfizer is also applying for emergency authorization from the United States within days.
The Dow Jones Industrial Average dropped 1.16%, or 344.93 points, at 29,438.42. The S&P 500 fell 1.16%, or 41.74 points, at 3,567.79 and the Nasdaq Composite slipped 0.82%, or 97.74 points, at 11,801.60.
The pan-European STOXX 600 index climbed 0.44% and MSCI’s global gauge of stocks lost 0.52%.
U.S. 10-year Treasury notes fell 1/32 in price to yield 0.875%. The widespread risk appetite on the vaccine news also boosted oil prices, along with hopes OPEC will maintain its existing output cuts.