Dow futures pointed to about a 500 point gain at Monday's open after Moderna said its preliminary trial data showed its coronavirus vaccine was more than 94% effective. Pfizer and BioNTech's announcement last Monday that their Covid-19 vaccine had efficacy of more than 90% also sent the stock market soaring and pushed the Dow Jones Industrial Average up over 4% last week. The Dow was about 72 points away from its closing record in February and 454 points away last Monday's all-time intraday high.

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The S&P 500 on Friday closed at a record high and jumped more than 2% for all of last week. The Nasdaq, which pared its losses later in the week, was stung by a stampede out of stay-at-home tech stocks and into value stocks on the hope that eventual widespread availability of Covid-19 vaccines will allow life to get back to normal. Nasdaq futures were modestly lower, in a similar, albeit smaller, rotation.

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