The Dow Jones Industrial Average rose on Tuesday, building on its sharp gains from the previous session as a market rotation out of names that thrived during the pandemic and into stocks linked to an economic recovery continued.
The 30-stock index zoomed 262.95 points to 29,400.92
The S&P 500 sank 4.97 points to 3,545.53.
The NASDAQ dwindled 159.83 points, or 1.4%, to 11,553.86, struggled amid a sharp decline in major tech names
Amazon shares were down 3.5% after falling 5% on Monday. Zoom Video dropped 10.9%, adding to its 17% decline from Monday. Alphabet ducked 2.3%, and Microsoft lost 3.4%, and Apple pulled back by 1.5%.
Names that would benefit from an economic recovery rose on Tuesday. Chevron added 4.6%, and Exxon Mobil climbed 2.2%. Boeing closed 5.2% higher.
Those moves were sparked by U.S. pharmaceutical giant Pfizer and German biotech firm BioNTech announcing their coronavirus vaccine was more than 90% effective in preventing Covid-19.
Pfizer's big vaccine news came as the U.S. topped 10 million cases of Covid-19, a bleak milestone just 10 days after reaching the nine million mark amid a record surge in daily infections. Many on Wall Street believe a viable vaccine would be crucial for the economy on its road to a full recovery.
Prices for the 10-Year Treasury were lower, lifting yields to 0.96% from Monday's 0.93%. Treasury prices and yields move in opposite directions.
Oil prices tacked on $1.10 to $41.39 U.S. a barrel.
Gold prices jumped $17.70 to $1,872.10