NEW YORK, Dec 8 Reuters U.S. stocks closed higher on Tuesday in part due to a boost from the healthcare sector on positive COVID19 vaccine news, while uncertainty over fresh fiscal stimulus held gains in check.
Johnson Johnson rose to help lift both the Dow and SP 500 after the company said it could obtain latestage trial results of a singledose COVID19 vaccine it is developing in January, earlier than expected.
Pfizer Inc also advanced as it cleared the next hurdle in the race to get its COVID19 vaccine approved for emergency use, after the U.S. health regulator released documents raising no new safety or efficacy issues.
Youve seen from the most recent lows of late October that weve been melting up through the first week of December in anticipation of what is coming to fruition at this point, which is now imminent approval of a vaccine and some of that distribution, said Bill Northey, senior investment director at U.S. Bank Wealth Management in Minneapolis.
Weve seen much of this priced in and pulled forward and now it is all about balancing that pushpull of the current reality of a still somewhat muted economic environment that is dependent upon a health solution and being on the precipice of a health solution.
Wall Streets main indexes have traded in a tight range to start the trading week, as investors look for more stimulus in the face of surging COVID19 cases and fresh restrictions in California.
Senate Majority Leader Mitch McConnell said lawmakers…