Squawk on the Street
Stocks Make History: All-Time Highs For Dow, S&P 500
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Show notes
On the first trading day since Joe Biden was declared President-Elect, Carl Quintanilla, Jim Cramer and David Faber discussed a record-setting day for stocks. The Dow and S&P 500 each soaring to all-time intraday highs in reaction to Pfizer and BioNTech announcing that their COVID-19 vaccine candidate was found to be more than 90-percent effective in participants who were not previously infected. That news fueling hopes of a faster economic recovery and surges in airline, cruise line, bank and credit card stocks -- as well as shares of companies that operate theme parks including Disney. On the flip side, Biogen was the worst performer on the S&P 500, losing almost a third of its value after its Alzheimer's drug failed to win support from an FDA panel. Also, so-called "stay-at-home" stocks such as Zoom Media took a hit in reaction to the Pfizer vaccine news.
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