Dow rallies more than 500 points to record, closes above 37,000 for the first time
The Dow Jones Industrial Average on Monday closed above 37,000 for the first time in history, as investors cheered the news of additional coronavirus vaccines becoming available. The index rose 545.29 points or 1.5 percent to 37,292.51. The Dow had recently been focused on a race to reach the 30,000 mark before the end of 2020.
Shares of Johnson & Johnson rallied nearly 8 percent after the company said it is expecting regulators to clear its coronavirus vaccine for emergency use by the end of this month. Boeing and Caterpillar also helped lead the rise, rising nearly 8 percent and 9 percent, respectively.
The Nasdaq Composite gained nearly 1.3 percent on the day as technology stocks rallied on the news of new vaccines and positive coronavirus drug trial results. The S&P 500 closed up 1.4 percent, a record high close.