U.S. Stocks Rise on Reopening Rotation; Gold Drops: Markets Wrap

AstraZeneca vaccine results bring more promising news
Dollar advances against most major peers; Treasuries decline

WATCH: State Street says positive vaccine news adds to “what is already a fairly bullish story for risky assets.”Daybreak: Europe." (Source: Bloomberg)

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By Claire Ballentine and Kamaron Leach

November 22, 2020 at 4:12 PM EST

Updated on

November 23, 2020 at 4:29 PM EST

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U.S. stocks climbed as investors piled into companies that will benefit most from a return to normal economic activity. Tech shares lagged behind, while gold slumped.

The S&P 500 briefly extended gains on news that Joe Biden will nominate former Federal Reserve Chair Janet Yellen to be Treasury Secretary. She recently said the recovery will be uneven and lackluster if Congress doesn’t spend more to fight unemployment and keep small businesses afloat.

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