Dow Gains 330 Points as Vaccine Progress Continues

02 December 2020

    US stocks were seen opening higher Tuesday, helped by prompt coronavirus vaccine deliveries and first steps to global economic recovery.  


    Earlier Tuesday, Pfizer and BioNtech have announced that they applied to European authorities for COVID-19 vaccine authorization rollout. Similar moves have already taken place in the US and the UK. Moderna has also announced it was applying for US and European emergency authorization Monday, as its vaccine has proven safe in late-stage trials. Summed up, vaccine news certainly explain market excitement.


    Additionally, the outlook for global economy is improving as vaccines emerge, the Organisation for Economic Cooperation and Development said in its latest report. The organisation has adjusted its view on growth this year to a contraction of 4.2%, as opposed to a 4.5% drop in its last report.


    By 12.05 GMT, the Dow had climbed 330 points (1.1%), while S&P 500 and Nasdaq have added 1% and 0.8%, respectively. All in all, the month of November has been the Dow’s best month since January 1987, with an end of 12% higher. S&P 500 and Nasdaq, in turn, have gained around 11% throughout November.  

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