Analysis | The Finance 202: Trump's 'crash' call goes bust: Stocks surge on vaccine breakthrough, Biden win
Tory Newmyer 11-14 minutes - The Washington Post Pfizer CEO Albert Bourla called the news of the drug’s advancement a “light at the end of the tunnel.” Traders appeared to view the resolution of the presidential election in similar terms. “Globally, investors are just happy to turn the page on the U.S. elections,” Eli Lee, head of investment strategy at the Bank of Singapore, told the Wall Street Journal. The one-two punch drove a 1,600-point rally in the Dow before it pared back those gains to close up 834.57 points, or nearly 3 percent, at 29,157.97, Taylor Telford and Hamza Shaban report . That represented the index’s highest close since February. Meanwhile, the S&P 500 climbed 1.2 percent to close at 3,550.50, its second-highest-ever close. Among individual stocks, names that have suffered the most during the pandemic broke out as winners. Shares of Carnival, the cruise line company battered by coronavirus lockdowns,