S&P 500 Posts 22nd Record Close for 2020, NASDAQ Posts 42nd Record and Fastest 1,000-Point Gain Ever
New York, New York (PPD) — U.S. equity markets soared higher on Wednesday amid optimism a vaccine for coronavirus (COVID-19) could come as early as the fall. The New York Times reported on vaccine process citing the U.S. Centers for Disease Control and Prevention (CDC), optimism People’s Pundit Daily (PPD) can confirm.
The Dow Jones Industrial Average (^DJI) closed above 29,000, or +454.84 (1.59%) to 29,100.50. That’s the best daily gain in 7 weeks, or since July 14, and 450 points off its all-time closing high at 29,551.42.
The S&P 500 (^SPX) closed +54.19 (1.54%) at 3,580.84. That marks the twenty-second record close for 2020 and the best day for the index since June 16.
The NASDAQ Composite (^IXIC) closed +116.78 (0.98%) at 12,056.44, the fastest 1,000-point gain on record. That marks the forty second record close for the index for 2020. The Russell 2000 (^RUT) closed +13.71 (0.87%) higher at 1,592.29.
The White House launched “Operation Warp Speed” to fund five coronavirus vaccines, three of which have shown promise. The Trump Administration announced a historic deal with Pfizer, Inc. (PFE) in late July to secure 100 million doses of a vaccine.
Nearly half a billion more could potentially follow once approved and manufactured. PPD can confirm the progress at Pfizer, which could lead to distribution earlier-than-anticipated as reported by The New York Times.
President Donald Trump took a victory lap on Twitter and a jab at his Democratic rival, former Vice President Joe Biden. During the swine flu epidemic in 2009, the Obama Administration failed at hitting their vaccine targets, and the vaccine led to complications, serious side-effects and civil suits.