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  • US stocks pulled back a bit from the enthusiasm that followed good news on a potential Covid-19 vaccine, opening mixed on Tuesday. The benchmark Dow Jones Industrial Average was barely changed, adding 0.2 percent to 29,183.59 about 20 minutes into the trading session. But the broader S&P 500 fell 0.5 percent to 3,532.4, while the tech-heavy Nasdaq continued its downward slide, falling 1.3 percent to close at 11,564.12. The indexes blasted through records early Monday after Pfizer and BioNTech announced their vaccine was 90 percent effective in protecting against Covid-19 infection, but then retreated. Uncertainty generated by the US election has receded after Joe Biden defeated President Donald Trump, but analysts said the price swings in recent days represent competing trends fighting each other. Some investors are reaping profits from inflated equity values, while others focus on hopes the economy can begin to return to normal in the near term. Briefing.com analyst Patrick J O'Hare noted that some doubts remain about the Pfizer vaccine, including need for a peer review and whether immunity against coronavirus lasts. "Nevertheless, potential treatment headlines have moved in an encouraging direction, helping to offset current concerns about the parabolic rise in coronavirus cases and the mounting pressures on hospital systems and economic activity," he said in an analysis. And Oxford Economics notes that any economic benefits are unlikely to be felt until the second half of 2020. Pfizer shares gained 1.8 percent, while videoconference service Zoom, which millions of people have relied on during the pandemic, lost another 6.4 percent after plunging more than 17 percent on Monday. Home exercise equipment company Peloton fell 1.6 percent after announcing a deal with pop superstar Beyonce to develop themed fitness routines based on her music. hs/dw
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  • Wall Street pauses after vaccine euphoria, Dow up 0.2 pc
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