The stock exchanges in New York were still considerably higher on Monday, midday. That’s how last week’s rally went through. The mood among investors on Wall Street is supported by positive news about pharmaceutical Pfizer’s new COVID-19 vaccine. The victory of Democrat Joe Biden in the American presidential election was also viewed as success for the stock market. He officially claimed his win from incumbent President Donald Trump on Saturday. Trump insists, however, that he is the winner.
The Dow Jones Index recorded about 7.40 hours UTC 4.7 percent higher at 29.654 points. The broad Composite S & P 500 increased 3.2 percent to 3619 points and tech fair Nasdaq index 0.6 percent, up to 11,970 points.
According to preliminary research results, a Pfizer vaccine is ‘90% effective’ in preventing infection. The company tested the vaccine, which was developed in collaboration with the German biotechnologist BioNTech, on test subjects and says that there were no significant safety concerns. The share of Pfizer made a price jump of over 11 percent. Moderna, which develops a vaccine based on the same technique as Pfizer, was increased by 8.9%.
Companies that are sensitive to the developments around the coronavirus seem to benefit greatly from the news. It concerns, for example, the aviation sector with airlines such as Delta Air Lines, American Airlines and Southwest Airlines, and also aircraft manufacturer Boeing, which increased to 17%. This also applies to Booking.com and Expedia (up to 16.6, and 24.4%), and major hotel chains as Marriott International and Hilton Worldwide (up to 13.5, and 13.7 percent).
The prices of the cinema chains AMC Entertainment and Cinemark are rising to over 60 percent. The organizer of events and concerts Live Nation received almost 22 percent.
McDonald’s came up with definitive figures and was put 0.7 percent down. The fast food chain also announced the development of its own vegetarian citizens. The publicly quoted maker of meat-catchers Beyond Meat dropped sharply after that news, but shot up again when it announced that it had been working with McDonald’s on the McPlant citizens. Beyond was over 7% higher.
The euro was worth $ 1,1811, compared to $ 1,1815 at the lock in Europe. A barrel of American oil went up 9.1 percent at $ 40.50. Bren climbed 8% in price to $ 42.60 a barrel.
Abaigael Schlomski is an accomplished economist and financial journalist with over a decade of experience in the industry. He is a regular contributor to EconomicInform, where he provides in-depth analysis and expert commentary on the latest economic trends and events. With a keen understanding of the financial markets and a talent for breaking down complex economic concepts for a general audience, Maurice is a trusted and respected voice in the field.