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S&P 500 sets new record, closing off robust week for markets

The S&P 500 closed at a record high Friday, as traders focused on good news about a potential COVID-19 vaccine and brushed off the current spike in infections.

The index closed up 48 points, a 1.4 percent increase, at 3,585. The Dow Jones Industrial Average, meanwhile, closed up 400 points, or 1.4 percent.

Markets surged following President-elect Joe Biden’s win, alongside likely GOP control of the Senate. The Senate’s fate will be decided in two runoff elections in January, both of which Democrats would need to win in order to take control of the chamber.

Markets tend to thrive under a divided government.

They were also dramatically boosted by Pfizer’s announcement that its COVID-19 vaccine candidate proved 90 percent effective in early analyses.

But markets seemed largely unfazed by a steady rise in infections, which have surpassed 100,000 for nearly two weeks, and risen precipitously alongside hospitalizations and deaths.

A slew of states, including New York, Vermont, Idaho and Virginia, have announced new restrictions, while New Mexico announced a two-week lockdown.

Tags coronavirus pandemic Joe Biden S&P 500 Stock market

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File - A Chevrolet Bolt is displayed at the Philadelphia Auto Show, Jan. 27, 2023, in Philadelphia. Electric vehicles are far less reliable than gasoline-powered cars, trucks and SUVs, mainly because most automakers are still learning how to build a completely new power system, according to this year's auto reliability survey by Consumer Reports.(AP Photo/Matt Rourke, File)
File - A Chevrolet Bolt is displayed at the Philadelphia Auto Show, Jan. 27, 2023, in Philadelphia. Electric vehicles are far less reliable than gasoline-powered cars, trucks and SUVs, mainly because most automakers are still learning how to build a completely new power system, according to this year's auto reliability survey by Consumer Reports.(AP Photo/Matt Rourke, File)

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In this photo released by the Governor of Sevastopol, Mikhail Razvozhayev telegram channel, a rescuer gestures as he helps people during an evacuation after storm and flooding in Sevastopol, Crimea, Monday, Nov. 27, 2023. A storm in the Black Sea took down power grids and left almost half a million people without power after it flooded roads, ripped up trees and damaged buildings in Crimea, Russian state news agency Tass said. (Governor of Sevastopol Mikhail Razvozhayev's telegram channel via AP)
In this photo released by the Governor of Sevastopol, Mikhail Razvozhayev telegram channel, a rescuer gestures as he helps people during an evacuation after storm and flooding in Sevastopol, Crimea, Monday, Nov. 27, 2023. A storm in the Black Sea took down power grids and left almost half a million people without power after it flooded roads, ripped up trees and damaged buildings in Crimea, Russian state news agency Tass said. (Governor of Sevastopol Mikhail Razvozhayev's telegram channel via AP)

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