A pedestrian passes in front of the New York Stock Exchange.
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Dow Jones Industrial Average loses 104 points
Vaccine hope sparks rotation into reopening trade
Sentiment over a coronavirus vaccine was lifted after local news agencies reported Russian President Vladimir Putin claimed the country had given regulatory approval for the world’s first Covid-19 vaccine. While there was skepticism about whether Russia had developed a safe vaccine so quickly, the news triggered optimism from investors about the race for an inoculation and perhaps that the market isn’t pricing in how quickly a valid one could be ready. This all led to traders piling into names that would benefit from the economy reopening at the expense of tech stocks.
As the day went on however, the tech selling grew and eventually took the whole market down.
What happens next?
U.S. inflation data is set for release on Wednesday along with earnings from Cisco Systems and Lyft.
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