Nasdaq Nabs Fourth-Straight Record Close as Vaccine Hopes Grow

The FDA said Pfizer's COVID-19 vaccine presented no safety concerns

Digital Content Manager
Dec 8, 2020 at 4:27 PM
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Stocks finished the day higher on vaccine tailwinds, after the United Kingdom started to administer Pfizer's (PFE) COVID-19 vaccine, and the U.S. Federal Drug Administration (FDA) said the long-awaited shot did not present any safety concerns. The Dow added 147 points to settle above the 30,000 level once again, while the S&P 500 closed higher, and the tech-heavy Nasdaq erased earlier losses to finish in the black as well. All three indexes nabbed record closes, and it was the latter's fourth in a row.

Elsewhere, traders are keeping an eye on stimulus talks, after lawmakers said Congress is trying to extend government funding for a week in order to reach an agreement. Meanwhile, the U.S. has reached over 14.8 million coronavirus cases, and cities are implementing strict measures to curb the spread of the disease.

Continue reading for more on today's market, including:

  • Keep tabs on this outperforming bank stock in December.
  • AutoZone stock drops despite beating analysts' estimates.
  • Plus, Uber drops on self-driving unit sale; U.S. Steel stock soars on acquisition buzz; and what to expect from LULU ahead of earnings.

The Dow Jones Industrial Average (DJI - 30,173.88) added 104.09 points, or 0.4% on the day. Dow (DOW) led the Dow components with a 2.5% rise, while Walgreens Boots Alliance (WBA) paced the laggards, falling 1%.

Meanwhile, the S&P 500 Index (SPX - 3,702.25) added 10.3 points, or 0.3% for the day. The Nasdaq Composite (IXIC -12,582.77) was up 62.8 points, or 0.5% for the day.

Lastly, the Cboe Volatility Index (VIX - 20.68) fell 0.6 point, or 2.9% for the day.

Closing Summary Dec 8 

Nyse nasdaq Dec 8

  1. White House advisor Dr. Anthony Fauci said the U.S. could get the pandemic under control as soon as the “back half of 2021” if enough people get vaccinated. (CNBC)
  2.  Full data from a late-stage trial shows the COVID-19 vaccine candidate being developed by AstraZeneca (AZN) is both safe and effective. (MarketWatch)
  3. Uber stock dropped after selling its self-driving unit to competitors.
  4. Acquisition buzz sent U.S. Steel stock soaring to annual highs.
  5. Diving into Lululemon stock ahead of the retailer's earnings report.

EarningsDec8

UVOLDec8

Gold Prices Rise to Three-Week High

Oil prices were lower today, as investors worried the rising number of COVID-19 cases in the U.S. and Europe could lead to restrictions that impact energy demand, regardless of vaccine news. What's more, the American Petroleum Institute's weekly data on U.S. petroleum supplies is forecast to report a decline of 700,000 barrels in domestic crude supplies for the week. As a result, January-dated crude dropped 16 cents, or 0.4%, to settle at $45.60 a barrel.

Meanwhile, gold prices ended higher for a second consecutive day and nabbed their best close in three weeks. The positive price action was attributed to lower bond yields, as well as renewed hopes for a coronavirus relief package in the U.S. In response, February-dated gold added $8.90, or 0.5%, to settle at $1,874.90 an ounce for the day.

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