Upcoming vaccine that will impact the markets forecast
The stock market is seeing unprecedented records as the vaccine is set to be rolled out in the coming few months.
The COVID-19 pandemic has thrust the world economy into a tailspin and the eradication of the virus is needed to shore up the failing economies. With the announcement of the Pfizer vaccine, investors have started to snap up stocks in the hopes that the virus will slow and eventually become controlled. The market starts to become bullish when there is a silver lining on the horizon due to the promise of the potentially successful vaccine.
U.S. stocks attained a record high at the initial start of trading but then dropped back down before close. Initially, the Dow posted at a 2.95 percent gain band the S&P 500 raised 1.2 percent at the close. It was the best day since June with the index gaining 835 points and hitting an intraday record high.
Since the promise of the vaccine offers the hope of a return to normal life, some aspects of the stock market did not do so well when Pfizer made their announcement. The strongly tech-focused Nasdaq fell when the widely popular video conferencing service Zoom lost 17 percent due to the belief that people will eventually be able to stop remote working and will be able to return to the office with in-person meeting and conferences.Find Out How to Secure Stocks Today
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On the heels of Pfizer’s vaccine announcement, the stock market gainers were predominately companies that have experienced the most impact due to restrictions. Those who have flourished because of the lockdowns underwent a significant setback.