stocks

Stock Market Today: Dow Claws Out Gains as U.K. Begins Vaccine Rollout

The weight of COVID case loads and hospitalizations on market sentiment were outweighed Tuesday by vaccine rollouts and slow progress toward coronavirus stimulus.

The fight against COVID-19 reached a new milestone on Tuesday, helping the markets finish with slight gains and pushing a few indices to new highs.

The United Kingdom began administering the first doses of a coronavirus vaccine from Pfizer (PFE, +3.2%) and BioNTech (BNTX, +1.9%) that received emergency-use authorization there last week (a similar U.S. clearance is expected in days).

"Relative to its peers in the Pharmaceuticals and Biotechnology Industry group, PFE is rapidly picking up strength making it one of the leading stocks in that industry group as well as in the HealthCare sector," says Julius de Kempenaer, senior analyst at StockCharts.com.

That, as well as minor progress in Congress, where a bipartisan group of politicians are trying to cobble together a $900 billion-plus compromise rescue bill, provided just enough optimism to overcome still-dire coronavirus numbers in the U.S. The seven-day daily average of new COVID cases eclipsed 200,000 for the first time, a record 102,140 people were hospitalized, and daily deaths of 2,237 are near their high-water mark of 2,241 set back in April.

The Dow Jones Industrial Average managed to put up modest gains of 0.4% to 30,173, helped by Johnson & Johnson (JNJ, +1.7%) and Dow Inc. (DOW, +2.5%), among others.

Other action in the stock market today:

  • The S&P 500 improved 0.3% to a record 3,702.
  • The Nasdaq Composite also closed up, by 0.5% to a record 12,582.
  • The small-cap Russell 2000 jumped 1.4% to set a new high of 1,917.
  • Gold futures settled at $1,874.90 per ounce, a 0.5% improvement.
  • U.S. crude oil futures slid 0.4% to finish at $45.60 per barrel.

How Much Gas Does the Market Have Left?

While most of the major indices are still at or just below all-time highs, momentum is slowing. 

"We believe the combination of extreme bullishness, broad acceptance of the economic recovery rotation, and a historic ramp in our favored areas have us looking for a near-term pause in the upside," says Canaccord Genuity equity strategist Tony Dwyer, who does see a "sustainable leg higher" in 2021 on the back of vaccine distributions and stimulus measures.

Investors looking to duck that kind of market wobbliness in the short term could do well with these 12 low-volatility stocks.

But even if a pause comes to pass, 2020 still has a few potential fireworks lined up for those willing to go more aggressively. This week, a few of the market's most anticipated initial public offerings (IPOs) are scheduled to hit the public exchanges, including names like DoorDash, C3.ai and AirBnb.

If you're curious at all about making a big splash with one of these emerging names, check out our primer on these and other exciting IPOs expected to hit the markets over the next few months.

Most Popular

In What Order Should You Tap Your Retirement Funds?
retirement planning

In What Order Should You Tap Your Retirement Funds?

Should you go with your IRA first or your brokerage account? Pulling money haphazardly can have negative implications. Instead follow this road map fo…
June 28, 2022
Your Guide to Roth Conversions
Special Report
Tax Breaks

Your Guide to Roth Conversions

A Kiplinger Special Report
February 25, 2021
An Easy Way to Find How Much You Will Spend in Retirement
retirement planning

An Easy Way to Find How Much You Will Spend in Retirement

One simple math equation can help you determine where to start building your retirement income plan, and whether your money should last.
June 27, 2022

Recommended

Stock Market Today (6/29/22): Markets Steady, But Bed Bath, Cruise Lines Tumble
Stock Market Today

Stock Market Today (6/29/22): Markets Steady, But Bed Bath, Cruise Lines Tumble

The calmest market day of 2022 wasn't nearly so pleasant for a few individual stocks, including retailer BBBY and cruise operator CCL.
June 29, 2022
Stock Market Today (6/28/22): Weak Data Opens Trap Door Under Stocks
Stock Market Today

Stock Market Today (6/28/22): Weak Data Opens Trap Door Under Stocks

Slack in manufacturing data and low consumer confidence tanked early-session optimism and left the major indexes with deep losses Tuesday.
June 28, 2022
Stock Market Today (6/27/22): Stocks Limp Out of the Starting Gate
Stock Market Today

Stock Market Today (6/27/22): Stocks Limp Out of the Starting Gate

Monday's session saw stocks give back a little territory from last week's rebound rally, but experts are seeing a few reasons to be optimistic.
June 27, 2022
5 Best Dow Dividend Stocks to Buy Now
blue chip stocks

5 Best Dow Dividend Stocks to Buy Now

This mini-portfolio of blue-chip dividend payers is well-positioned to both generate income and hold up to headwinds for the rest of 2022.
June 27, 2022