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U.S. Stocks Give Back Ground But Remain Positive

(RTTNews) - After showing a strong move to the upside early in the session, stocks have given back some ground over the course of the trading day on Monday. The Dow and the S&P 500 have pulled back well off their highs of the session, although the tech-heavy Nasdaq is holding on to a strong gain.

Currently, the major averages all remain positive, with the Nasdaq outperforming its counterparts. While the Nasdaq is up 138.65 points or 1.1 percent at 12,516.53, the Dow is up 63.70 points or 0.2 percent at 30,110.07 and the S&P 500 is up 13.24 points or 0.4 percent at 3,676.70.

The early strength on Wall Street came following news of the approval of the coronavirus vaccine developed by Pfizer (PFE) and BioNTech (BNTX).

The CDC signed off on the vaccine following the Emergency Use Authorization issued by the FDA. Pfizer has commenced the first shipments of the vaccine to distribution centers across the country.

Traders also remain optimistic about a new fiscal stimulus bill, with a report from Reuters detailing efforts to pass a previously unveiled $908 billion bipartisan relief plan.
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