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Monday, November 9, 2020

VACCINE AND BIDEN NEWS SEND STOCKS SOARING

Live Nation is among the U.S. stocks spiking today on the heels of Joe Biden’s presidential victory and news of progress on a COVID-19 vaccine.

Live Nation was up more than 22% from Friday’s close in the first four hours of the trading day. The stock topped $72 soon after the bell rang, a dramatic jump from Friday’s close of $56.04. The stock has been trading in the $68/$69 range since 11:30am ET and closed at $64.36. If people can leave their houses, investors must figure, they're going to attend concerts and buy tickets to live events.

The Dow Jones Industrial Average was up 1,200 points, and the S&P 500 was up 2.9%. Records may be set today.

The rallies are due to news that a vaccine developed by Pfizer and BioNTech produced better-than-expected results in protecting people from the coronavirus. Investors are also keen on what a Biden presidency means—less-erratic decision-making and clearer policies in the U.S. and abroad.

TAGS: Live Nation | stock market
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