Wall Street Close: Economic recovery sentiment sends US stocks to new highs

• Dow Jones Industrial Average rose 478.72 points, or 1.62%.
• S&P 500 added 42.17 points, or 1.18%.
• The Nasdaq Composite put on 94.84 points, or 0.8%.

US stocks on Wall Street were rising on further coronavirus vaccine developments and signs of economic recovery from Asia that boosted risk sentiment in the West. 

The Dow Jones marked a new record as it neared the 30,000 level for the first time with pharma company Moderna MRNA announcing its prospective vaccine was 94.5% effective in preventing the virus. The announcement by Moderna followed similarly upbeat news a week ago from rival Pfizer PFE.

Cyclical and small-cap names benefitted the most as they are regarded as the most likely to profit as an economy recovers from a recession.

Also, the energy SPN, industrial S5INDU and financial SPF the top-performing sectors. The Russell 2000 index of small-cap stocks added 2.37%.

As for the benchmarks, the Dow Jones Industrial Average rose 478.72 points, or 1.62%, to 29,958.53 while the S&P 500 added 42.17 points, or 1.18%, to 3,627.32. The Nasdaq Composite put on 94.84 points, or 0.8%, to 11,924.13.