US stocks soared on Monday as investors supported the nationwide rollout of the US’s first COVID-19 vaccine.
The Dow Jones Industrial Average rose 249.95 points (about 0.8%) to 30,296.32 as Queens nurses became the first person in the United States to receive Pfizer’s groundbreaking shots.
Benchmark S & P 500 recorded an early rise of about 0.9%, while tech-heavy Nasdaq rose 1.1% at the start of large-scale vaccination efforts starting with healthcare professionals and nursing home residents. did.
Wall Street had been hoping for weeks to distribute a highly effective vaccine from Pfizer and BioNTech, but the start of vaccination gives investors hope as coronavirus infections and deaths continue to grow. It looked like.
“Market participants are aware that the situation at COVID-19 will unfortunately worsen before it improves,” said Milan Cutkovic, market analyst at Axi. “At least there is light at the end of the tunnel as vaccine development progresses.”
Investors are also on the lookout for stimulus negotiations in Congress, and MPs will introduce a $ 908 billion pandemic bailout package in two parts on Monday.
Economists say more stimulus spending will be important as the continued spread of the virus will lead to new blockades in some parts of the country, raising the prospect of more financial distress.
Craig Erlam, Senior Market Analyst at OANDA, said: “The lack of urgency may be the reason why negotiations are still going on, but there is no excuse.” COVID-19 is causing havoc again in the coming months, with more restrictions and more. It means financial difficulties. “
Monday’s bounce followed a week-long loss on stocks, where the Dow fell 171.89 points, or about 0.5%, while the S & P fell for the third straight day.
Wall Street chased the European market higher as UK and European Union officials agreed to continue trade negotiations prior to the withdrawal from the British block.
London’s FTSE 100 has recently traded almost flat after rising 0.5%. Germany’s DAX rose about 1% at 9:37 am and Paris’ CAC 40 rose about 0.7%.
With post wire
Stock price soars during COVID-19 vaccine development and stimulus negotiations
Source link Stock price soars during COVID-19 vaccine development and stimulus negotiations