Stocks Edge Higher Amid Vaccine Progress, Recovery Concern

Stocks on Friday edged higher as investors balanced worries about a global economic recovery and positive developments on a coronavirus vaccine.

Dow Jones Industrial Average was up 86 points, or 0.32%, the S&P 500 rose 0.12%, while the Nasdaq was up 0.33%.

Stocks on Thursday finished higher, with the Nasdaq reaching a record close on solid gains from Apple  (AAPL) – Get Report and Tesla  (TSLA) – Get Report

Both companies reached intraday highs Friday.

Tesla shares raced to a fresh record Friday climbing above $2,000 per share for the first time ever as investors positioned themselves for a 5-for-1 split of one of Wall Street’s hottest, and most expensive, stocks.

Holders of record at the end of the Friday session will receive four additional shares of Tesla stock for each one they currently hold, with the distribution set for Aug. 28. The split at the same time reduces Tesla’s stock price proportionately.

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Pfizer  (PFE) – Get Report and its German partner BioNTech  (BNTX) – Get Report said their Covid-19 vaccine candidate was on track for regulatory review as soon as October. Both companies were climbing Friday.

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