Dow Jones Industrial Average rises 8 points
The Dow climbed 8.92 points, or 0.03%, to 26,680.87. The S&P 500 gained 0.84% to 3,251.84. The Nasdaq Composite jumped 2.51% to 10,767.09. Amazon shares popped, lifting the rest of Big Tech and the broader market.
Big Amazon price-target hike
Amazon rallied nearly 8% after after a Goldman Sachs analyst hiked his price target on the stock to $3,800 per share, the highest on the Street. Shares of Microsoft gained 4.30%. Netflix, Alphabet and Facebook all closed more than 1.4% higher. Tech’s gains came after a downbeat week, which led to the Nasdaq’s first weekly decline in three weeks, while beaten-down value names outperformed in that time period.
Vaccine news and stimulus in focus
Dow member Pfizer and BioNTech reported early positive data on a joint coronavirus vaccine candidate. Another vaccine candidate from Oxford University and AstraZeneca showed a positive immune response in an early trial. Traders also turned their eyes to Washington as lawmakers begin negotiations on new stimulus measures.
What happens next?
Snap and Coca-Cola are among the companies set to report earnings.
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Amazon shares popped, lifting the rest of Big Tech and the broader market.