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BEIJING — Asian stock markets rose for second day Tuesday on hopes for progress toward a possible coronavirus vaccine that might allow the world to revive manufacturing, shopping and normal life.
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Benchmarks in Shanghai, Tokyo, Hong Kong and Sydney rose while Seoul fell less than 0.1%.
On Wall Street, the benchmark S&P 500 index closed 1.2% higher on Monday after Pfizer Inc. said early data on a vaccine under development suggest it might be it might be 90% effective at preventing COVID-19, though that doesn’t mean its release is imminent.
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“This offers a ray of hope that the market did not hesitate to take advantage of,” said Tai Hui of J.P. Morgan Asset Management in a report.
At 5:15 a.m. ET, hours before the opening bell, the Dow was up 231 points at 29,279 (+0.79%), while the Nasdaq was at 11,746.75 (-0.63%), down 73.75 points and the S&P was slightly higher at 3,552 (+0.24%), or up 8.5 points.