Stocks rally as optimism builds around coronavirus vaccine

Allianz chief economic adviser Mohamed El-Erian discusses his outlook for the Fed and the economic recovery and a European banking mega deal.

U.S. equity markets marched higher before letting off some steam in the final hour of trading to end the session mixed.

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The tech-heavy Nasdaq Composite gained 1.21% helped by Amazon, Facebook and Tesla.

Ticker Security Last Change Change % I:COMP NASDAQ COMPOSITE INDEX 11190.324043 +133.67 +1.21% AMZN AMAZON.COM INC. 3,156.13 +53.16 +1.71% FB FACEBOOK INC. 272.42 +6.27 +2.36% TSLA TESLA INC. 449.76 +30.14 +7.18%

APPLE FIGHTS TO HOLD $2T VALUE AS NEW WATCH, IPAD ANNOUNCED

Apple shares closed modestly higher after the company’s updates to the Apple Watch and iPad products were met with lukewarm reaction, as was its long-awaited services bundle. There was no news on the iPhone.

The company ended the day just below a $2 trillion market capitalization.

Ticker Security Last Change Change % AAPL APPLE INC. 115.54 +0.18 +0.16%

The S&P rose 0.52% and the Dow Jones Industrial Average closed little changed at 27,995.60. Financials limited gains on the broader averages ahead of the Federal Reserve’s decision on interest rates due Wednesday.

Ticker Security Last Change Change % SP500 S&P 500 3401.2 +17.66 +0.52% I:DJI DOW JONES AVERAGES 27995.6 +2.27 +0.01% XLF FINANCIAL SELECT SECTOR SPDR ETF 24.71 -0.34 -1.36%

In general, investor sentiment got a boost as optimism continued to swirl around the possibility that a COVID-19 vaccine could be announced in a matter of weeks.

“We’re going to have a vaccine in a matter of weeks, it could be four weeks, it could be eight weeks,” President Trump told “Fox & Friends” on Tuesday. “I’m not doing it for political reasons, I want the vaccine fast.”

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