U.S. stocks slumped as fresh restrictions to curtail the spread of coronavirus overshadowed signs that scientists are making fast progress toward a vaccine. The dollar held near its lowest level in two years.

The S&P 500 Index closed at its lows of the day after New York City shut schools because of rising infections. Pfizer Inc. advanced after saying that its Covid-19 vaccine was 95% effective, paving the way for the company to apply for the first U.S. regulatory authorization for a coronavirus shot within days. Lowe’s Cos Inc. slumped after earnings trailed analysts’ expectations, while Target Corp. advanced on soaring sales.

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