Favorable Vaccine Development … US Stock Market Dow Index Rises 3%

With reports that US pharmaceutical company Pfizer is in the process of developing a 90% effective vaccine and the presidential election of candidate Joe Biden has been confirmed, the first stock market opening date after the US presidential election was 9 ( local time). done.

At some point in the morning, the Dow jumped to 1,600 points but returned half the gain as it went to the second half of the market. On this day, the Dow Index rose 2.95% to 29,157.97.

In anticipation that the Corona 19 era will soon end due to vaccine development, tech stocks that benefited from non-face-to-face life reversed the decline and the Nasdaq index fell 1.53% to 1713, 78. The S&P index also rose 1.17%.
On this day, the market was driven by energy and financial stocks in anticipation of an economic recovery.

JPMorgan is optimistic that the stock market will gain momentum when the economic recovery begins in earnest, and the S&P index will break above the 3600 level at the end of this year and reach 4000 at the beginning of next year and 4500 at the end of next year. year.

Ryan Derek, an investment strategist at LPL Financial, said, “The report that vaccine development has exceeded expectations reflects expectations for normal economic life.”

Oil prices rose in anticipation of an economic recovery that day and the European market also showed a 4% increase in anticipation of vaccine development.

News / UPI reporter Lee Won-young [email protected]