Dow Surges to Intraday Record on Vaccine Results, Biden Win

U.S. stocks jumped to fresh records Monday after progress on a Covid-19 vaccine and Democrat Joe Biden’s electoral victory sent indexes soaring and boosted companies in the hardest-hit sectors of the economy.

The Dow Jones Industrial Average climbed 4.6% to its first intraday record since February, before the pandemic shutdown began. The index traded just below the 30000 benchmark. The S&P 500 surged 3.4%, also in record territory.

Markets rallied after a vaccine developed by Pfizer and partner BioNTech proved better than expected at protecting people from Covid-19 in a...