Potential vaccine news lifts stocks; S&P hits record
NEW YORK - U.S. stocks gained momentum in the final hour of trading posting a suite of fresh records as investors focused on vaccine optimism.
The Dow Jones Industrial Average rose 400 points or 1.37%, while the S&P 500 gained 1.36% closing at a fresh record. The Nasdaq Composite ticked up by 1% recovering late in the session.
MIGHTY U.S. SMALL CAPS HIT RECORDS
The Russell 2000, a benchmark of domestic-focused companies, hit a record on Friday passing levels not seen since August 2018.
For the week, the Dow tacked on about 4%, the S&P over 2% while Nasdaq slipped 0.5%.
GLOBAL STOCK FUNDS SEE RECORD INFLOWS ON PFIZER'S COVID-19 VACCINE
Global stock funds attracted record inflows this week topping $44 billion.
Vaccine companies also in focus including Pfizer, BioNTech, Eli Lilly along with Regeneron and Moderna.
Health and Human Services Secretary Alex Azar, speaking on FOX Business, said the distribution network is ready to go once a vaccine arrives.
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"Pfizer will be doing its own direct distribution to pharmacies that we ask them to send to based on the instructions of our nation's governors under their distribution plan," he said. "So the vaccine will arrive at these pharmacies, white-glove service and the pharmacies will then execute distribution plans to the targeted populations that the governors have selected."
Pharmacy chains and grocers will make up a vast distribution network once a vaccine is approved. CVS, Rite Aid, Walgreens, Walmart and Kroger taking the lead.
Read more at FOXBusiness.com.