Stocks were modestly higher Wednesday, as investors restarted a rally in the face of a surge in COVID-19 cases after Pfizer and BioNTech reported their vaccine candidate proved both safe and effective in a final analysis of trial data.
The small-cap Russell 2000 RUT, +0.30% continued to outperform, rising 6.57 points, or 0.4%, to a record 1,791.91. Investors got another round of positive news on the vaccine front Wednesday. Pfizer Inc. PFE, +2.10% said the vaccine candidate it has developed with BioNTech SE BNTX, +4.33% was 95% effective in a final analysis of clinical trial data. Pfizer plans to seek authorization for the vaccine within days, the companies said.The U.S. recorded 159,431 new cases on Tuesday, and at least 1,583 people died, according to a New York Times tracker. In the last week, the U.S.
“Yes, with the S&P only a whisker from its all-time high it is obviously ‘risk-on’, but somehow if feels different,” he said. In economic news, builders broke ground on more new homes in October, the government said. Housing starts ran at a 1.545 million annual rate, beating the MarketWatch consensus.
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