HANDLING OF FUTURE FUTURES
Dow shares rose nearly 1,700 points, gaining more than 6%. The S&P 500 also rose 4.5% at the start of trading, while the tech Nasdaq Composite rose 1%.
Earnings are likely to push the US averages closer to recovering record levels.
|Me: DJI||DOW JONES MEDIA||29858.58||+1,535.18||+ 5.42%|
|SP500||S&P 500||3641.05||+131.61||+ 3.75%|
|Me: COMP||NASDAQ COMPOSITION INDEX||12039.176397||+143.95||+ 1.21%|
Traders react positively to the news that Pfizer and BioNTech’s COVID-19 the vaccine proved to be 90% effective in the first 94 patients tested. Shares moved higher in the pre-market. While Moderna, who was also working on a vaccine, fell.
|PFE||PFIZER INC.||36.40||+0.01||+ 0.03%|
|MRNA||MODERNA INC.||76.58||+4.13||+ 5.71%|
“Today is a wonderful day for science and humanity. “The first set of results from the COVID-19 phase 3 vaccine trial provides the initial indication of our vaccine’s ability to prevent COVID-19,” said Pfizer CEO and President Dr. Albert Bourla, in statement. “We are reaching this critical milestone in the vaccine development program at a time when people need it most with infection rates setting new records, hospitals approaching overcapacity and economies struggling to reopen. With today’s news, we are one step closer to offering people around the world a much-needed breakthrough to help end this global health crisis. “
This is an important milestone in the fight against a virus that has infected more than 50 million people worldwide, resulting in more than 1.2 million deaths.
TREATMENT TREATMENT & REACTION
President Trump, in a tweet, celebrated the developments.
President-elect Joe Biden said in a statement:
“I congratulate the brilliant women and men who helped create this discovery and give us such a cause for hope. At the same time, it is also important to understand that the end of the fight against COVID-19 is still months away …”
Airlines, cruise lines rallied for developments, while in-house stocks such as Zoom and Amazon fell.
|AAL||AMERICAN AIRLINES GROUP INC.||14.01||+2.55||+ 22.25%|
|FROM||DELTA AIR LINES INC.||37.74||+6.32||+ 20.10%|
|RCL||ROYAL CARIBBEAN CRUISES||74.08||+15.51||+ 26.48%|
OIL ELEMENTS IN VACCINE NEWS
Oil also rose above $ 40 a barrel in hopes of vaccines.
|USE||UNITED STATES FUND LP||26.47||-0.69||-2.54%|
The news comes after Joe Biden and Kamala Harris was named The president-elect and vice-president-elect, respectively, after various news agencies, including Fox News, predicted that the Biden campaign had won the state of Nevada and the Commonwealth of Pennsylvania, giving them the required 270 ballots.
RESERVATION OF PROFITS
In terms of earnings, McDonald’s third-quarter earnings were better than expected, with sales in the same US store rising 4.6%, with the help of several new initiatives.
|MCD||BUSINESS MCDONALD||216.56||+0.25||+ 0.12%|
Shares were higher in pre-market trading.
|NO||CORPORATE OIL COMPANY||11.79||+1.77||+ 17.72%|
|SPG||SIMON PROPERTY GROUP INC.||74.88||+13.05||+ 21.11%|
|MED||Beyond Meat INC.||163.07||+6.21||+ 3.96%|
On Monday, traders will see quarterly results between Occidental Petroleum, Simon Property Group and Beyond Meat, among others.
Nearly nine of the 10 S&P 500 companies reported third-quarter earnings exceeded forecasts.
OTHER MARKETS ALSO HIGH
In other commodities, gold continued to rise, rising above $ 1,959 an ounce.
European indices were also higher on Monday, with the STOXX Europe 600 rising 1.3%. Similar gains were observed in the German DAX, French CAC 40 and UK FTSE 100.
Last week, stocks had the best week since the 1932 election, as monitored by the Dow Jones Market Data Group, rising 7.23%, which is the second best record.