NEW YORK (Reuters) - The S&P 500 posted a modest loss and the Nasdaq closed sharply lower on Tuesday as promising news regarding an effective COVID-19 vaccine led investors away from market leaders and toward cyclical stocks associated with economic recovery.
The blue-chip Dow, buoyed by industrial shares, gained ground and crude oil prices extended the previous session’s surge as investors bet on a demand rebound.
Pfizer Inc announced on Monday that its COVID-19 vaccine candidate, developed with German partner BioNTech, showed in trials it had a 90% success rate in preventing infection.
The development led to investors taking profits from market-leading tech stocks that have thrived amid the pandemic recession, a sell-off which pulled the tech-heavy Nasdaq deep into red territory.
The Dow Jones Industrial Average rose 262.95 points, or 0.9%, to 29,420.92, the S&P 500 lost 4.97 points, or 0.14%, to 3,545.53 and the Nasdaq Composite dropped 159.93 points, or 1.37%, to 11,553.86.
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