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S&P 500 and Nasdaq close at record highs as investors bet that a vaccine will drive an economic rebound – Business Insider

Cyclical sectors and value stocks continued to gain as investor cash moved further out of growth picks and into riskier plays.

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  • US stocks gained on Tuesday as vaccine progress further boosted equities hit hardest by the pandemic. The S&P 500 and Nasdaq composite rose to record highs.
  • Investors cheered Pfizer and BioNTech’s application for regulatory approval for their coronavirus vaccine in the European Union. If approved, the shot could be distributed before the new year.
  • Federal Reserve Chair Jerome Powell warned of lingering risks to the US economy at a Senate banking committee hearing. The commentary…

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