Wall Street Close: Investors back cyclical stocks, benchmarks dip

• The Dow Jones Industrial Average added 234.51 points, or 0.8%.
• The S&P500 dropped 7.25 points, or 0.20%, to 3,543.25.
• The Nasdaq Composite fell 164.62 points, or 1.41%.

It was a mixed bag on Tuesday with the benchmarks retreating, notably in the NASDAQ with investors selling off technology shares and stay at home stocks that benefitted from the lockdown.  

The S&P 500 posted a modest loss and the Nasdaq closed sharply lower with the welcomed news of an effective COVID-19 vaccine.

Consequently, cyclical stocks associated with economic recovery were the gainers.

The blue-chip Dow, buoyed by industrial shares, gained ground and crude oil prices extended the previous session's surge as investors bet on a demand rebound.

The Dow Jones Industrial Average added 234.51 points, or 0.8%, to 29,392.48, the S&P500 dropped 7.25 points, or 0.20%, to 3,543.25 and the Nasdaq Composite fell 164.62 points, or 1.41%, to 11,549.16.

Pfizer Inc PFE announced on Monday that its COVID-19 vaccine candidate, developed with German partner BioNTech. In trials, the vaccine had a 90% success rate in preventing infection.

Markets are now in anticipation of returning to some form of economic normalcy on the back of the vaccine.

The expectation is that it will be widely distributed to the broader population, with others to follow for a worldwide shot in the arm.