A trader walks by the New York Stock Exchange (NYSE) on the first day that traders are allowed back onto the historic floor of the exchange on May 26, 2020 in New York City.
Spencer Platt | Getty Images
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.