Stocks rose Tuesday, with the S&P 500 closing in on a record level as hopes for a vaccine and further stimulus spurred a global risk rally and a pop in “reopening” stocks. The Nasdaq underperformed again, with some major tech names that had recently led the market higher giving back some gains.
Russia’s President Vladimir Putin said Tuesday that Russia became the first country globally to give regulatory approval to a Covid-19 vaccine, with the move coming less than two months after human testing of the inoculation began. The vaccine still must complete final trials, though mass production is expected by the end of the year.
“Every time you get some good news on Covid, and now we’ve got a potential vaccine coming from Russia – it’s skeptical at best, but nevertheless, the market is embracing it at this point,” David Nelson, Belpointe chief strategist, told Yahoo Finance’s “The First Trade” on Tuesday.