Stocks were mixed Tuesday morning as investors reined in an initial wave of optimism over a promising vaccine candidate. Tech shares remained under pressure, and the Nasdaq dipped further after Mondayâ€™s losses.
News that a Pfizer (PFE) and BioNTechâ€™s (BNTX) vaccine candidate was more than 90% effective in preventing COVID-19 in patients in its clinical trial helped fuel a market rally earlier on Monday. During the regular session, the S&P 500 and Dow rocketed to intraday records, with the latter index adding as many as 1,610 points, or 5.7% at session highs. However, both indices pared some gains into market close.
â€œI think the big surprise here was the efficacy. I think you had polled investors before this, the efficacy range would have been 50-75% as sort of a wide range,â€ Stuart Kaiser, UBS Head of Equity Derivatives Research, told Yahoo Finance on Monday. â€œAnd if this number is truly 90% or above, I think that is what the market is responding so positively to.â€
More positive news from companies working on COVID-19 vaccines and therapeutics came out during the overnight session. Eli Lilly (LLY) said its antibody therapy for treating mild to moderate COVID-19 in high-risk patients had received emergency use authorization from the U.S. Food and Drug Administration. Shares of the drug-maker rose more than 3% in early trading.
=======================================================================Today or maybe the next few days may be a great bookmark/benchmark moment to really truly gauge how much damage Biden and his merry band of socialist do to this country. ZERO fin. pundits ever expected a 30K DOW back in March. IMO, it is a excellent testamanet of POTUS Trump's ability to steer through the white water rapids of a pandemic. It ended up being the most dramatic V shaped recovery in financial history. Four years from now, we may have a 15K DOW, and 15% unemployment, or we might be staring a 50K DOW, while a loaf a bread costs $10. It all depends on Slow Joe.