Dow Jones breaks a record with Biden becoming President and Pfizer's Vaccine News

Dow Jones breaks a record with Biden becoming President and Pfizer's Vaccine News

The Dow industry soared to a record high of nearly 30,000 on Monday, as the market priced in the future of Joe Biden 's administration, as well as the continuing balance of power in Congress. Pfizer rocked the financial markets in early trading, reporting the promising outcomes of the Covid-19 vaccine trial. The news put stocks that are vulnerable to the coronavirus economy in motion, both up and down. Explosive early returns from Chevron, American Express and Boeing dominated the Dow Jones today. The Dow Jones Industrial Average blasted more than 1,700 points higher at the start of trading, rising 5.3 percent and erasing the rest of its coronavirus to bear market downturn. The index reverted to a rise of 4.4 per cent, which was held tightly in record territory. The S&P 500 was driven by 3.2 percent. The Nasdaq lagged behind the surge, rising 0.9 percent, as Biogen, Zoom Video Communications and Netflix fell to the bottom of the Nasdaq 100. Small caps were extremely active, pushing the Russell 2000 5.4 percent higher, with the AMC Entertainment (AMC) movie theater chain trading close to the top of the chart. Markets responded strongly to Pfizer's (PFE) reports that its mRNA-based vaccine product, BNT162b2, had demonstrated an efficacy rate of 90% in the trials. Pfizer stock opened up to a boost of 7.5 per cent. The German production partner BioNTech (BNTX) obtained an 18.7 per cent raise.

Coronavirus Shares Advance, Early Trading Lag

Travel stocks that were more vulnerable to shutdowns related to the coronavirus pandemic contributed to early trading on both the Nasdaq 100 and the S&P 500. On Nasdaq, United Airlines (UAL) vaulted 20 per cent, Expedia (EPXD) made a 14 per cent lead. Cruise line operators led the S&P 500, with Norwegian Cruise Line Holdings (NCLH) up 32 per cent, Carnival (CCL) up 28.8 per cent and Royal Caribbean (RCL) up nearly 26 per cent. Vaccine reports pushed coronavirus research kit manufacturers significantly lower. Abbott Laboratories (ABT) decreased by 5.2%. Quest Diagnostics (DGX) dropped 3.2 percent. San Diego-based Quidel (QDEL) made a 29 percent dive. Separately, Biogen (BIIB) was already on the brink of a massive decline, with shares down by 30% in pre-market play. On Friday, the FDA panel unanimously rejected the proposal for approval of biotech Alzheimer's drug aducanumab. Overall, however, the Biotechs were optimistic. In early play, the iShares Nasdaq Biotechnology ETF (IBB) leapt 2.4 percent. Source: investors.com