Dow Smashes Record, but Zoom Is Hurting

All this after Pfizer reported hopeful news on a vaccine
By Newser Editors,  Newser Staff
Posted Nov 9, 2020 9:01 AM CST
Dow Has 30K in Sight After Vaccine News
This photo provided by the New York Stock Exchange shows specialist Thomas McArdle, foreground, at his post on the trading floor Friday, Nov. 6. 2020.   (Nicole Pereira/New York Stock Exchange via AP)

The futures traders were right: The Dow came out of the gate on fire Monday, soaring more than 1,500 points at the open to an all-time high, reports CNBC. The great start comes after Pfizer announced that its COVID vaccine looks to be 90% effective in early results. At one point, the Dow rose 1,589 points to 29,924, a new intraday high, notes the Wall Street Journal. It has dropped a bit from that surge of 5.6% but was still up nearly 5% after the first 20 minutes or so of trading. The S&P 500 was up more than 3%, while the tech-heavy Nasdaq was up more modestly, under 1%.

One stock suffering in all this? Zoom. CNBC notes that its shares dropped 15% Monday as investors apparently saw an end in sight to the days of all at-home video conference calls, all the time. Similarly, shares of Netflix, Teledoc Health, and Shopify were down as well, though not as significantly. All are seen as "stay-at-home" stocks, according to the outlet. (More stock market stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.