Wall Street Rally Is Back on Track

Dow jumped 116 points to start shortened week
By Newser Editors and Wire Services
Posted Jan 19, 2021 3:26 PM CST
Momentum Returns to Wall St.
In this photo provided by the New York Stock Exchange, trader Timothy Nick, left, and a colleague work in a booth on the trading floor, Tuesday, Jan. 19. 2021.   (Colin Ziemer/New York Stock Exchange via AP)

Stocks closed higher on Wall Street Tuesday, recovering some of last week’s losses and pulling closer to their record highs. The S&P 500 rose 0.8% Tuesday and got back within 1% of its record set earlier this month. Markets have been rising on enthusiasm about a coming economic recovery as COVID-19 vaccines roll out and amid expectations that Washington will soon try to deliver another round of economic stimulus. President-elect Joe Biden’s nominee for Treasury Secretary, former Fed Chair Janet Yellen, called on Congress to do more for the economy in testimony before the Senate, the AP reports. The Dow Jones Industrial Average rose 116.26 points, or 0.38%, to 30,930.52. The S&P 500 closed at 3,798.91, up 30.66 points, and the Nasdaq composite jumped 198.68 points, or 1.53%, to 13,197.18. (Read more stock market stories.)

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