Steady gains deliver more records onWall Street

Technologyandhealth NEWYORK— carecompanieshelpeddrivestocks to more gains Tuesday, leading to more milestones onWall Street.

The S&P 500 index rose 0.3%, eclipsing the all-time high it set on Friday. TheNasdaq composite and Russell 2000 index of small company stocks also set record highs. The likelihood that one or more coronavirus vaccines could begin to be distributed in theU.S. in coming weeks has kept investors in a buying mood, boosting their optimism for an economic recovery next year.

The gains, which followed a shaky start for the market, came as theU.K. became the first country to start a vaccinationprogram. OnTuesday, U.S. health regulators issued a positive initial review of a COVID-19 vaccine developed by U.S. drugmaker Pfizer and Germany’s BioNTech. A decision to allow its use is expected within days, though wide distribution is likely months away.

“Thevaccinenewsandthefocus onthat is themostimportant thing forthemarketatthemoment,”said Stephanie Roth, portfolio macro analyst, J.P. Morgan Private Bank. “At this point, the excitementis for the post-vaccine world.”

The S&P 500 rose 10.29 points to 3,702.25. The index had one of its best months in decades during November and is already up 2.2% so far this month. The DowJones Industrial Average gained 104.09 points, or 0.4%, to 30,173.88. The Nasdaq picked up 62.83 points, or 0.5%, to 12,582.77, marking its fourth straight record high.

Overall, many of the companies that have been beaten downhave been doing better as investors see an eventual end to the pandemic.

“It’s a very positive sign when yousee very broadparticipation,” said Andrew Slimmon at Morgan Stanley InvestmentManagement. “It tells me positioning is still in the process of moving more into cyclical stocks.”