VACCINE AND BIDEN NEWS SEND STOCKS SOARING
Live Nation is among the U.S. stocks spiking today on the heels of Joe Biden’s presidential victory and news of progress on a COVID-19 vaccine.
Live Nation was up more than 22% from Friday’s close in the first four hours of the trading day. The stock topped $72 soon after the bell rang, a dramatic jump from Friday’s close of $56.04. The stock has been trading in the $68/$69 range since 11:30am ET and closed at $64.36. If people can leave their houses, investors must figure, they're going to attend concerts and buy tickets to live events.
The Dow Jones Industrial Average was up 1,200 points, and the S&P 500 was up 2.9%. Records may be set today.
The rallies are due to news that a vaccine developed by Pfizer and BioNTech produced better-than-expected results in protecting people from the coronavirus. Investors are also keen on what a Biden presidency means—less-erratic decision-making and clearer policies in the U.S. and abroad.
