S&P 500 reaches new level as investors await fiscal package

The S&P 500 hit new records on Wednesday and the Nasdaq Composite Index dropped as investors considered progressive vaccine developments plus a brewing fiscal stimulus package to address the declining private jobs report.

The S&P 500 was up 0.18% at 3,669.01 while the Nasdaq Composite Index dropped 0.05% to 12,349.37, dragged by a 2.7% slide in Tesla Inc. The Dow Jones Industrial Average was up 0.2% to end at 29,883.79 points.

Encouraging news of vaccines being distributed in the coming weeks sparked rallies in the US stock markets in recent days, propelling the S&P 500 and Nasdaq to record highs on Tuesday. The S&P 500 recorded 18 new 52-week highs and no new lows while the Nasdaq Composite posted 89 new highs and 12 new lows.

After upbeat vaccine reports and a potential fiscal stimulus package, the volume on U.S. exchanges hit 11.6 billion shares.

In the most recent progress, Pfizer Inc and BioNTech’s COVID-19 vaccine were approved for use in Britain. This resulted in Pfizer soaring 3.5% and BioNTech jumping about 6%.