Wall Street is set to jump because Pfizer says it has a vaccine effect

Reuters: Futures tracking the S & P 500 hit a record high on Monday after US pharmaceutical company Pfizer said it was more than 90% effective in preventing COVID-19 based on initial data from a large study. I recorded it.

Pfizer and its German partner BioNTech SE are the first pharmaceutical companies to show successful data from large-scale clinical trials of coronavirus vaccines. The two companies have stated that they have no serious safety concerns so far and will seek a US emergency license later this month.

While S & P 500 futures surged 3.78%, the Dow contracts surged 4.69% accordingly, almost doubling the daily rise. The Nasdaq 100 E-minis rose 2%.

“This is very important (news) because it examines the market’s view that the economy and profits can accept the growth path before the (COVID-19) crisis,” said TS Lombard’s chief strategy officer. One Andrea Sicione said. London.

Many have seen some types of preventive medicine as the only way to kickstart the global economy, which has been struggling to find a way out of the worst recession in decades.

“The big driver of the economic outlook is due to external factors,” said Karsten Bruzeski, an analyst at ING. “For now, that means vaccine development …. so I think news like this is positive.”

Overnight, US stock index futures were boosted after Joe Biden was declared the winner in a highly controversial election.

Biden’s victory in Pennsylvania on Saturday surpassed the 270 electoral college votes needed to secure the president four days after the election day, but President Donald Trump has no plans to make concessions immediately.

(Report by Medha Singh in Bangalore, additional report by Alden Bentley and Chuck Mikolajczak in New York, additional report by Sagarika Jaisinghani and Shivani Kumaresan in Bangalore, edited by Patrick Graham, Shounak Dasgupta, Saumya deb Chakrabarty)

Wall Street is set to jump because Pfizer says it has a vaccine effect

Source link Wall Street is set to jump because Pfizer says it has a vaccine effect

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