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(New York = Yonhap News) Correspondent Oh Jin-woo Yonhap Infomax = On the New York Stock Exchange, the main index rose on the good news of the development of a new vaccine against the coronavirus (Crown 19) and on the good economic indicators United States.
On the 23rd (hereafter Eastern Time Zone), the Dow Jones 30 Industrial Average on the New York Stock Exchange (NYSE) closed at 29,591.27, up 327.79 points (1.12%) from the battlefield.
The Standard & Poor’s (S&P) 500 index closed at 3,577.59, up 20.05 points (0.56%) from the battlefield, while the technology-oriented NASDAQ index closed at 11,880.63 , up by 25.66 points (0.22%).
The market watched Corona 19 vaccine news, key economic indicators, and new stimulus measures in the US.
Positive news on the Corona 19 vaccine continued, in support of investment sentiment.
The vaccine, which was developed by the University of Oxford in the UK and the pharmaceutical company AstraZeneca, also showed good effects in the third clinical trial.
The vaccine showed an average of about 70% immunity, but the effect was analyzed to increase by up to 90% depending on the method of administration. There were no specific side effects.
However, some have raised concerns about the different immune effects depending on the use. Some experts have pointed out that the vaccine will be difficult to approve in the United States.
The vaccine developed by Pfizer and Bioentech is expected to be approved for emergency use and inoculated in the middle of next month.
“We expect the first people to be vaccinated in the United States on 11 or 12 December,” said Monsef Slawi, chief executive of the Ultra-Fast Operations team that oversees the development of the US Corona 19 vaccine.
The US Food and Drug Administration (FDA) plans to approve emergency use on the 10th of next month and immediately begin vaccinating essential people.
There was also good news related to COVID-19 treatment, such as the FDA approving the urgent use of regenerating antibody treatment.
US economic indicators released earlier in the day were also good, supporting investment sentiment.
The November PMI (Manufacturing and Service Procurement Manager) index released by information provider IHS Markit far exceeded market expectations. The preliminary PMI for manufacturing (seasonal adjustment) was 56.7, the highest since September 2014. The service sector PMI was 57.7, the strongest since March 2015.
Despite the recent crown re-proliferation crisis, the activities of economic actors have not been significantly curtailed.
The US activity index for October, released by the Federal Reserve Bank of Chicago, also rose to 0.83 from 0.32 the previous month. The established figure was higher than the expert’s estimate of 0.23.
There was also news that raised expectations about the new US stimulus package.
The New York Times (NYT) reported that President-elect Joe Biden is calling on Democrats to quickly accept a stimulus package with Republicans, even the smallest, fearing an economic recovery next year.
News that former Federal Reserve System (Fed) chairman Janet Yellen has been appointed finance minister in the Biden administration is also a factor in supporting investment sentiment.
Foreign media, including the Wall Street Journal, have been reporting on former President Yellen’s internal finances one after another.
CNBC analyzed that Yellen kept interest rates low during the Fed chairman’s tenure and that the S&P 500 rose about 60% during this period.
On the other hand, the current Corona 19 crisis in the United States remains unstable.
According to CNBC, the average number of new cases on 7 last week increased by about 20% from the previous week.
With the strengthening of the containment policy in place in various parts of the United States, there are also concerns that a massive shift on Thanksgiving Day this week could further fuel the spread of the virus.
After JPMorgan, Goldman Sachs lowered its economic growth prospects in the United States in the first quarter of next year.
However, there was some positive news, such as the lifting of the national blockade by the British government in early December and the adoption of a differentiated response by region and situation.
Per share, AstraZeneca’s share price fell 1.1% that day, despite the announcement of favorable clinical results on vaccines.
By sector, energy increased by 7.09% and industry leaders increased by 1.64%. On the other hand, tech stocks fell by 0.03%.
Experts from the New York Stock Exchange have expressed their expectations for the Corona 19 vaccine.
Adam Krisapuli, founder of Vital Knowledge, said: “Currently, three vaccines are proving more than 90% effective and the US and Europe are in a hurry to approve them,” he said. “The vaccination process will begin before the end of the year.”
“This vaccine optimism more than compensates for the short-term negative environment caused by measures to prevent the spread of the virus,” he said.
On the Chicago Options Exchange (CBOE), the volatility index (VIX) fell 4.39% from the previous trading day to 22.66.
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2020/11/24 06:47 sent
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