Stock Markets Rally Following Political and Vaccine Developments
Stocks rose considerably on Tuesday continuing a bullish trend that has been driving November trading.
Stocks rose considerably on Tuesday continuing a bullish trend that has been driving November trading. The Dow and S&P 500 both topped a 1.5% intraday gain while the NASDAQ markets followed closely behind.
The rally is partly driven by confidence in a quicker-than-expected recovery following multiple announcements that tout positive results by coronavirus vaccine developers.
Today’s gains also follow news that President Donald Trump approving the preparations of transition to a Joe Biden administration. The go-ahead was given to the General Services Administrator Emily Murphy.
Last week, Pfizer and Moderna both reported vaccine results revealing nearly 95% efficacy rate. Also, the U.S. government also provided approval for emergency use of Regeneron Pharmaceuticals COVID-19 treatment. President Trump was administered the drug last month when he became ill with the coronavirus.
Just yesterday, drugmaker AstraZeneca announced that their vaccine, developed in conjunction with with Oxford University, was up to 90% effective. A benefits of the Oxford-AstraZeneca vaccine is that it will be more affordable while not necessitating the difficult storage and shipping requirements found with the Pfizer and Moderna offerings.
Murphy wrote that she would be making resources available to the Biden campaign so they can begin the transition process.
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