Stocks stumble following 900-point Dow surge

Stocks stumble following 900-point Dow surge
© Getty Images

Stock markets on Tuesday opened down after a major spike on Monday that saw the Dow Jones Industrial Average surge more than 900 points on hopeful news of a coronavirus vaccine.

In the opening minutes of trading Tuesday, the Dow was down 160 points, or 0.7 percent, while the S&P 500 was down 11 points, or 0.4 percent.

Monday's announcement that biotechnology company Moderna saw positive results in an early coronavirus vaccine trial set markets soaring, a rebound from the more pessimistic previous week that saw equities drop as dire economic data rolled in.

Markets have remained well above their March low points, which saw a third of the market's value disappear and ended an 11-year bull market.

Since then, markets have regained roughly half of their lost value, as the federal government passed more than $3 trillion of emergency relief measures and the Federal Reserve pumped trillions more into the financial system.