Both the Dow and S&P 500 logged strong weekly gains, boosted by Pfizer’s news on Monday that the vaccine it is developing with BioNTech was more than 90 percent effective in a trial, CNBC reports. This caused a rotation into the cyclical stocks that would benefit from an economic comeback next year. Investors dumped technology shares which have held up during the pandemic. The Dow added 4.1 percent for the week, and the S&P 500 closed 2.16 percent higher over that time period. The tech-heavy Nasdaq lost 0.6 percent this week, notching its third weekly loss in four weeks.

Source: The Standard November 14, 2020 03:33 UTC