Stocks were higher Tuesday following a broad-based rally on news that U.S. regulators granted full approval for Pfizer-BioNTech’s Covid vaccine.
The Dow Jones Industrial Average rose 30.55 points, or less than 0.1%, to 35,366.26. The S&P 500 added 0.1% to a new closing high of 4,486.23. The Nasdaq Composite gained 0.5% to 15,019.80, also a new closing high.
Chinese stocks led the Nasdaq as investors have been getting more clarity on China’s regulatory outlook and buying shares of names that have taken a beating lately. Pinduoduo jumped 22.2% while JD.com rose 14.4%, Tencent Music Entertainment climbed 12.7% and Baidu gained 8.6%.
“There is follow through on dip buying in Chinese tech after several firms reiterated buys on the stocks, but the jury is still out on whether there’s more pain to come on further government crackdowns in this sector,” said Jamie Cox, managing partner for Harris Financial Group.
On Tuesday afternoon, Gary…