Markets extend post-election, vaccine rally

Stock markets on Wednesday opened up, extending a rally that has pushed valuations up in the aftermath of last week’s election and Monday’s hopeful news from Pfizer on its COVID-19 vaccine.

The Dow Jones Industrial Average opened up 100 points points, or 0.3 percent, the S&P 500 rose 20 points, or 0.6 percent, and the Nasdaq composite increased 105 points, or 0.9 percent.

Markets have reacted favorably to the election results, which appear headed toward divided government.

Democrats are projected to take the White House and keep control of the House, while the fate of the Senate hinges on two runoffs in Georgia.

Democrats will need to win both races to flip control of the Senate.

The markets jumped further on Monday, when Pfizer announced that its COVID-19 vaccine had proven more than 90 percent effective in its trials so far.