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Home / Business / Dow set up 1,500 points after Pfizer said its Covid-19 vaccine was 90% effective.

Dow set up 1,500 points after Pfizer said its Covid-19 vaccine was 90% effective.



Dow (OUTRAGEOUS) futures contracts increased by about 1,500 points, or 5.6%. S&P 500 (SPX) forward contracts rose 4.5%. Not yet Nasdaq (COMP) Futures were just 0.7% higher as many of the tech stocks that benefited from home orders were reversed.
Pfizer’s announcement of the effectiveness of the vaccine was better than Pfizer’s expectations, though only looking at its data, that’s just what Wall Street had been hoping for. Pandemic coronavirus has caused historic economic turmoil around the globe, and cases are rising to new record levels every day. That runs the risk of scaling up and getting the US economy in the wrong direction again.

Although the vaccine did not soon become widely available, Pfizer said it plans to get emergency approval from the U.S. Food and Drug Administration as soon as the volunteers are follow up for two months after second dose of vaccine.

Drug maker Albert Bourla chief executive officer Albert Bourla said on Monday that the company expects to have 1

.3 billion doses of vaccine globally next year, up to 50 million this year. Two separate production lines, one in the United States and one in Europe, will produce vaccines.

Pfizer (PFE) stocks are up 15% in money market trading.

The vaccine news is good for pharmaceutical stocks, including ingredients Dow Merck and Johnson & Johnson, both higher than before the alarm bells.

The cruise line also skyrocketed – Norway (NCLH) and Carnival (CCL) up 26% and 30% respectively before the market opens, and Royal Caribbean (RCL) 22% higher. Aviation shares also soared.
But the news also drove some stocks down, including Zoom, which has benefited from a home-working culture since spring. Zoom (ZM) stocks are down nearly 13% in money market transactions.
Other companies that performed well during the pandemic, including Amazon, Netflix and Clorox, all fell. Amazon (AMZN) stocks fell nearly 3%, while Clorox (CLX) decreased by nearly 4%. Netflix (NFLX) sink more than 5%.

Oil, which was plunging as the economy got worse, got better on Monday morning. US oil prices have risen more than 10%.

Bet on Biden

Even before news of Pfizer’s vaccine came on, stock futures indicated a higher open. With the uncertainty surrounding last week’s US presidential election mostly appearing in the rearview mirror, investors are focusing on the positive effects of Biden’s presidency: First response to Biden’s official prediction as a winner over the weekend was a positive response.

The market also rallied last week, when the market predicted Joe Biden would win the competition.

Investors are hoping that the Democratic White House combined with the Republican Senate will result in a more dovish policy – and less tax and regulation hikes – while still quickly reaching a deal. New stimulation on the table.

Though President Donald Trump continues his legal battle and unfounded statements about electoral fraud – and the Senate’s fate is still in the air – Wall Street is pleased that a lot of things are not definitely happened.

CNN Health’s Nadia Kounang contributed to this report


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