Wall Street Surges at Open as Vaccine Hopes Fuel Broad Rally; Dow up 284 Pts

Wall Street Surges at Open as Vaccine Hopes Fuel Broad Rally; Dow up 284 Pts

© Reuters.  © Reuters.

By Geoffrey Smith

Investing.com — U.S. stock markets surged to new record highs at the opening of trade on Tuesday, as optimism over the early roll-outs of vaccines to treat the Covid-19 coronavirus sustained a broad rally in everything from Brazilian iron ore miners to online pet food stocks.

The S&P 500 and Nasdaq Composite both opened at record highs, while the Dow Jones Industrial Average rose back toward the 30,000 level. By 9:35 AM ET (1435 GMT), the Dow was up 284 points or 1.0% at 29,922 points, while the S&P was also up 1.0% and the Nasdaq Composite was up 0.6%.

Among the big initial gainers was Tesla (NASDAQ:TSLA) stock, which rose 3.6% to a new record high after S&P Dow Jones Global Indexes said that the stock would be incorporated into the S&P 500 in one go, rather than over two discrete dates.

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