Nasdaq Closes Higher Monday on Vaccine Approval

The Dow Jones Industrial Average closed at 29,861.55 on Monday with a loss of 184.82 points or -0.62%. The S&P 500 closed at 3,647.49 for a loss of 15.97 points or -0.44%. The Nasdaq Composite closed at 12,440.04 for a gain of 62.17 points or 0.50%. The VIX Volatility Index was higher at 24.72 for a gain of 1.41 points or 6.05%.

Monday’s market movers

Technology stocks closed higher Monday following the weekend’s news of a Covid-19 Pfizer (NYSE:PFE) vaccine approval by the Food and Drug Administration. The Nasdaq Biotech Index gained 2.51%. The Nasdaq Composite gained 0.50%.

The day’s top headlines included a flurry of vaccine news, including varying state distribution plans across the U.S. Americans began to receive the vaccine Monday. Singapore also announced an approval of Pfizer’s vaccine.

In other news:

  • Later this week the FDA will review Moderna’s (NASDAQ:MRNA) vaccine and the Federal Open Market Committee will begin its last meeting of 2020.
  • On Monday the Treasury held auctions for three-month bills at a rate of 0.075% and six-month bills at a rate of 0.085%.
  • Arvinas (NASDAQ:ARVN) gained 95.06%.
  • Alexion Pharmaceuticals (NASDAQ:ALXN) gained 29.20%.
  • Netflix (NASDAQ:NFLX) gained 3.82%.
  • The S&P 500 energy sector was down 3.50%.

Small-cap stocks

In small caps, the Russell 2000 closed at 1,913.86 for a gain of 2.16 points or 0.11%. The S&P 600 closed at 1,083.05 for a loss of 3.54 points or -0.33%. The Dow Jones U.S. Small-Cap Growth Index closed at 13,288.85 for a gain of 35.52 points or 0.27%. The Dow Jones U.S. Small-Cap Value Index closed at 8,808.25 for a loss of 66.97 points or -0.75%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 2,234.01 for a loss of 5.93 points or -0.26%; the S&P 100 at 1,671.72 for a loss of 7.45 points or -0.44%; the Nasdaq 100 at 12,462.21 for a gain of 86.80 points or 0.70%; the Russell 3000 at 2,182.83 for a loss of 6.67 points or -0.30%; the Russell 1000 at 2,059.22 for a loss of 6.88 points or -0.33%; the Wilshire 5000 at 38,091.43 for a loss of 121.83 points or -0.32%; and the Dow Jones U.S. Select Dividend Index at 677.73 for a loss of 9.68 points or -1.41%.

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About the author:

Julie Young

Julie Young is a financial writer with comprehensive experience in the financial services industry. She writes about investments, investment products, financial market news and economic trends. Julie has a Master of Science in finance from Boston College and a Bachelor of Science in finance from the University of Arkansas.

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