Tuesday 10 November 2020: US equity markets soared - biotechnology companies Pfizer Inc and BioNTech SE announced vaccine against COVID-19
Nov 9, 2020 ·
5m 28s
US equity markets soared after biotechnology companies Pfizer Inc (up +7.69%) and BioNTech SE (13.91%) announced that their COVID-19 vaccine candidate achieved "success" in the first interim analysis of a...
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US equity markets soared after biotechnology companies Pfizer Inc (up +7.69%) and BioNTech SE (13.91%) announced that their COVID-19 vaccine candidate achieved "success" in the first interim analysis of a Phase 3 study. - Dow jumped +835-points or +2.95% to 29,157.97, logging its biggest one day climb since 5 June. The Dow hit an all-time high earlier in the session, surging more than >1,600-points or ~5.7% to 29,933.83. American Express Co rallied +21.39%, Boeing Co +13.7%, JPMorgan Chase +13.5% and Walt Disney Company +11.9%. The broader S&P500 +1.17% to 3,550 and also touched a record intra-day high. The Energy sector (up +14.22%) led seven of the eleven primary sectors higher, while Consumer Discretionary (down -1.59%) and Information Technology (0.73%) underperformed. Companies likely to benefit from a re-opening of the economy prospered on the vaccine news, with airlines (United Airlines Holdings Inc up +19.15%, American Airlines Group Inc +15.18%, Southwest Airlines Co +9.70%) and cruise lines (Royal Caribbean Cruises Ltd up +28.79% and Carnival Corp +39.29%) The technology-centric Nasdaq fell -1.53%, with the so-called ‘stay-at-home’ stocks struggling. The Nasdaq-100 index - composed off the 100 biggest components of the Nasdaq Composite – fell -2.2% and snapping a five-session win streak. Zoom Video Communications Inc tumbled -17.37%, Netflix Inc -8.59% and Amazon.com Inc -5.06%. The small capitalisation Russell 2000 index gained +3.7%.
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