US stocks snowball; S&P 500 hits record peak as investors cheer over Pfizer vaccine

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US stocks snowball; S&P 500 hits record peak as investors cheer over Pfizer vaccine

On Monday, a slew of US stocks mushroomed across the board to jump to their all-time highs as blue-chip Dow and benchmark S&P 500 echoed a buoyant tone of global stock indices which spiked robustly after one of the frontrunners in development of pandemic vaccine, Pfizer Inc., had said that its third-stage human trial of pandemic vaccine had shown an above 90 per cent efficiency, while a Biden victory announed over the weekend had feathered market participants' hopes further, igniting a glimmering ray of hope that the global economy would roll back towards normality much earlier-than-anticipated.

Apart from that, Pfizer Inc. had also added at its Monday’s statement that the American multinational pharmaceutical had been expecting to produce as many as 50 million doses this year, while it would be able to develop 1.2 billion shots by end-2021, adding to investors’ optimisms that prodded Wall St.

indices climbing to a record all-time high.

Wall St. surges on vaccine hope

Quoting statistics, on Monday’s Wall St. round off, Dow gained as much as 2.95 per cent to 29.157.97, S&P 500 surged 1.17 per cent to 3,550.5, while a drag on tech stocks which had been benefitting from the pandemic-led lockdowns, had pulled Nasdaq down by 1.53 per cent to wrap-up the day at 11,713.78.

In point of fact, Pfizer Inc. statement had been a major market mover on Monday’s market, while optimisms of a Biden victory had propelled the Wall St. towards an all-time high on record. Concomitantly, Pfizer Inc. said earlier on the day that its pandemic vaccine that was being developed with its German peer BioNtech SE, had shown more than 90 per cent efficacy in preventing infections, marking up a successful end of the first pandemic vaccine trial.

Meanwhile, addressing to investors’ optimism over Pfizer Inc. statement, a portfolio manager at Kingsview Asset Management in Chicago, Paul Nolte said on the day’s market wind down, “This is the closest we’ve been to the hopes that people have had since March that things will get back to the way they were.

You can throw all the stimulus at it you want but if people are afraid to go out to a movie theatre or get on a plane it might not go anyway”.