US STOCKS-Wall St closes higher on vaccine lift

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* J&J targets COVID-19 late-stage trial results by January
* U.S. FDA staff backs Pfizer's COVID-19 vaccine data
* Tesla launches $5 bln share sale

(Updates to market close)
By Chuck Mikolajczak
NEW YORK, Dec 8 (Reuters) - U.S. stocks closed higher on
Tuesday in part due to a boost from the healthcare sector on
positive COVID-19 vaccine news, while uncertainty over fresh
fiscal stimulus held gains in check.
Johnson & Johnson JNJ.N rose to help lift both the Dow and
S&P 500 after the company said it could obtain late-stage trial
results of a single-dose COVID-19 vaccine it is developing in
January, earlier than expected. Pfizer Inc PFE.N also advanced as it cleared the next
hurdle in the race to get its COVID-19 vaccine approved for
emergency use, after the U.S. health regulator released
documents raising no new safety or efficacy issues. "You've seen from the most recent lows of late October that
we've been melting up through the first week of December in
anticipation of what is coming to fruition at this point, which
is now imminent approval of a vaccine and some of that
distribution," said Bill Northey, senior investment director at
U.S. Bank Wealth Management in Minneapolis.
"We've seen much of this priced in and pulled forward and
now it is all about balancing that push-pull of the current
reality of a still somewhat muted economic environment that is
dependent upon a health solution and being on the precipice of a
health solution."
Wall Street's main indexes have traded in a tight range to
start the trading week, as investors look for more stimulus in
the face of surging COVID-19 cases and fresh restrictions in
California. Senate Majority Leader Mitch McConnell said lawmakers should
pass an aid package that includes measures they can agree on
while excluding provisions such as liability protections for
businesses that are causing division. Unofficially, the Dow Jones Industrial Average .DJI rose
113.29 points, or 0.38%, to 30,183.08, the S&P 500 .SPX gained
10.62 points, or 0.29%, to 3,702.58 and the Nasdaq Composite
.IXIC added 61.85 points, or 0.49%, to 12,581.80.
Investors are closely watching whether policymakers will be
able to clinch an agreement on a long-awaited coronavirus relief
bill and a $1.4 trillion spending bill, with Friday eyed as a
deadline to avoid a government shutdown. The U.S. Congress will vote this week on a one-week stopgap
funding bill to provide more time for lawmakers to reach a deal
on both spending and pandemic relief.
Positive developments related to the COVID-19 vaccine have
in recent weeks helped investors look past the surge in
infections and anticipate an economic rebound next year.
Analysts now expect investor attention to gradually shift
from vaccine approvals to their global distribution and any
possible side effects that may occur.
Boeing Co BA.N dipped after company data showed the
planemaker lost another 63 orders for its newly ungrounded 737
MAX jet in November. After spending the early part of the session in negative
territory, Tesla Inc TSLA.O reversed course and moved higher
after the electric-car maker unveiled a $5 billion capital
raise, its second such move in three months. Drug developer Moderna Inc MRNA.O jumped after Switzerland
increased its confirmed orders for its COVID-19 vaccine doses to
7.5 million from 4.5 million.