Investing.com - US stocks rally to new record highs at the opening of Tuesday's trading as optimism about COVID-19 vaccine imminent supported gains in everything from Brazilian iron ore miners to online pet food retailers.
S&The P 500 (NYSE: SPY) and NASDAQ Composite both opened at record highs, while the Dow Jones Industrial Average returned to 30,000. By 9:35 am ET (14:35 GMT), the Dow and S&The P 500 is up 1.0% and the Nasdaq Composite is up 0.6%.
Tesla Inc (NASDAQ: TSLA) shares were among the first lucky in the market, which rose 3.6% to a new record high after the S&P Dow Jones Global Indexes said the shares would be listed in S&P 500 in one tranche.
Pharmaceutical stocks also made great strides after Moderna (NASDAQ: MRNA) on Monday and Pfizer Inc (NYSE: PFE) and BioNTech (NASDAQ: BNTX) on Tuesday applied for EU regulatory approval for emergency use of their coronavirus vaccines on the territory of the European Union. The manufacturers have also applied for approval from the US Food and Drug Administration (FDA). Moderna shares up another 11%, while Pfizer shares up 4.2%.
Apple (NASDAQ: AAPL) rose 2.8%, boosted by reports that its rival Samsung (LON: 0593xq) will discontinue its Galaxy Note smartphone in the new year. This removes some of the competition for the iPhone manufacturer in the upper market segment..
Videoconferencing service Zoom Video Communications (NASDAQ: ZM), a pandemic-era beloved company, was out of luck as it plummeted 11.8% after its most recent quarterly report, while strong, fell short of overstated investor expectations.
On the agenda today is a meeting of Congress, where the head of the Fed Jerome Powell and the Secretary of the Treasury Stephen Mnuchin will speak, who will appear for the first time since Mnuchin refused to renew several lending programs that the Fed established at the beginning of the crisis and demanded that the money be returned to the treasury.
Research firm IHS Markit reported that the US manufacturing PMI rose in November, despite a general slowdown in economic activity due to the latest wave of the pandemic. PMI rose to 56.7 from 53.6 in October.
ISM Manufacturing Sector Review Due Early In The Day.
By Jeffrey Smith
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