Wall Street soared on Monday (November 9) as Pfizer announced positive news about its coronavirus vaccine. The Dow Jones Industrial Average hit an all-time high before falling back at end of the day, closing up by 834 points at 29,157. The S&P 500 also hit a new record and finished the day ahead by 41 points. The tech-heavy Nasdaq Composite didn't have a great day and closed 181 points in the red.
The markets got off to a great start before trading even began. In premarket trading, the Dow Jones Industrial Average surged by 1,700 points and opened the day just under 30,000 points.
The rally was led by travel and hospitality stocks as investors bet that Pfizer's vaccine would help boost demand for the beleaguered industries.
"I think that the rally is justifiable. I think we're going to start a new discussion, and the discussion is what's America going to look like post-COVID," said CNBC's Mad Money host Jim Cramer. "If you think about where we were last week, where we felt that there was very little chance to be able to stop this thing, now suddenly we have hope."
Tech stocks didn't fare as well, as investors worried that many companies benefitting from people staying home will see their revenues decrease as a vaccine helps things return to normal.
"As I've been saying on the hopes of this, we need to shift our attention to those parts of the market that have been the most hammered because of Covid and away from the work from home stocks that have had such an incredible year because Covid is not forever," Peter Boockvar, chief investment officer at Bleakley Advisory Group, said.
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