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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

(Newser) – 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%.

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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. (Read more stock market stories.)

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