Stock indexes rise in afternoon trading on Wall Street
NEW YORK (AP) — U.S. stocks edged higher in afternoon trading Tuesday, shaking off a weak start on worries over rising virus cases.
The U.K. became the first Western country to start a mass vaccination program after British regulators last week authorized the use of a COVID-19 shot developed by U.S. drugmaker Pfizer and Germany’s BioNTech.
U.S. health regulators have given a positive initial review of that vaccine and a decision to allow its use is expected within days, however wide distribution is likely months away. Meanwhile, governments worldwide have been tightening restrictions on businesses in an effort to stem the latest surge in cases.
The S&P 500 rose 0.3% and hovered near the record high it set on Friday. The Dow Jones Industrial Average rose 115 points, or 0.4%, to 30,185 as of 1:18 p.m. Eastern time. The Nasdaq rose 0.3%.
Investors are also keeping a close eye on Washington. Congress is still stuck in a partisan stalemate over the size and scope of any additional aid to help cushion the financial impact to people and businesses. The economy has been showing signs of a stalled recovery as the virus surge broadens nationally, including slower job growth in the U.S. last month.
Health care stocks made solid gains. Pfizer rose 2.5% and Johnson & Johnson rose 1.9%. Energy companies also rose. Exxon added 3.4%.
Shop-from-home clothing seller Stitch Fix soared 40.7% after reporting a surprise profit in its latest quarter. Etsy jumped 4.8%.
A mix of companies that rely on direct consumer spending and those that would greatly benefit from a fuller economic recovery continued to see a bit of churn. The moves reflect the constant push-and-pull of hope for an eventual economic recovery pitted against the continued economic damage inflicted by the...