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Markets Celebrate as Covid-19 End May be Near; Tech Sits This One Out

Published 11/09/2020, 04:05 PM
Updated 11/09/2020, 04:06 PM
© Reuters.

By Christiana Sciaudone

Investing.com -- Markets soared in the U.S. as a potential vaccine promises a post-Covid life. Tech missed the boat.

Pfizer (NYSE:PFE) said its Covid-19 vaccine is 90% effective at preventing infection, and investors threw an airline-cruise-leisure party in response. 

The Dow Jones Industrial Average rose 835 points, or 2.95%, while the S&P 500 was up 1.15% and the Nasdaq Composite fell 1.5%.

Pfizer and partner Biontech Se (NASDAQ:BNTX) will seek regulatory approval for the vaccine by the end of November. The company said it could manufacture and distribute 1.3 billion doses by the end of next year. 

President-elect Joe Biden nonetheless warned that the U.S. is facing a “dark winter” with infections soaring in the U.S. and abroad, and the vaccine not yet approved by regulators. 

Travel and leisure stocks rallied, with AMC Entertainment (NYSE:AMC) soaring 50%, Carnival (NYSE:CUK) Corporation up 39% and Six Flags (NYSE:SIX) up 18%, as the vaccine promises to be a ticket to ride. Airlines also soared, with JetBlue Airways (NASDAQ:JBLU) Corp up 21% and Spirit Airlines (NYSE:SAVE) Inc rising 21%.  

Stay-at-home winners turned into losers, with Zoom Video Communications (NASDAQ:ZM) Inc tumbling 17% and Peloton (NASDAQ:PTON) down 20%, days after reporting strong demand for its bikes.   

In non-vaccine related news, Beyond Meat (NASDAQ:BYND) was temporarily halted after McDonald's (NYSE:MCD) said it was developing a proprietary plant-based product. But then Beyond Meat came out and said, in fact, it is co-creating the McPlant patties, reversing losses. 

Biogen (NASDAQ:BIIB) tumbled 30% after the U.S. Food and Drug Administration voted against its experimental Alzheimer's treatment.  

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Tech stocks sat out the rally, with Apple (NASDAQ:AAPL) to Netflix (NASDAQ:NFLX) falling. 

Monday also marked the first trading day after Joe Biden was projected as the United States of America's 46th president. 

Gold melted down on the vaccine news, sinking some 5% at one point. Oil jumped almost 10% on hopes the economy will be making a comeback as governments are expected to let us out again upon vaccination.

 

Latest comments

can't predict the market, but I did predict this if Trump wasn't reelected..
Biden will do whatever he needs to to impose draconian measures despite the harm to people and the economy. Elections have consequences.
When will we know this news is legit? In 2 days time?
Well, time to buy puts
The Take away is :---> "The company said it could manufacture and distribute 1.3 billion doses by the end of next year. President-elect Joe Biden nonetheless warned that the U.S. is facing a “DARK WINTER” with infections soaring in the U.S. and abroad, and the vaccine not yet approved by regulators."
God is going to bring the hammer down on ths corrupt Dems and Repubs. Trump will win and will deliver the justice.
Trump won alright... won a participation ribbon... not even a trophy... oof lolol
Amazing how "popular" you can be when you cheat.  Feinstein's husband is a major backer of Dominion voting machines...surprise?  Enjoyable getting all this slimy corruption out into the sunlight.
Dont worry folks that like game show hosts for president, maybe Pat Sajek will run in 2024
Maybe chester the cheetah will run in 2024 for you saad folks on here lolol
This never-ending virus saga has been a great discovery for big brother shills in the media and everywhere. If you confront humans with a virus of unknown origin, then these are no longer humans, not free humans for sure. It is just a pack of animals that are instructed to wear masks and perform other commands and tricks.
I don't know what was so great about today. Nasdaq was -181 and we all still lost money.
...biden wins, magically there's a vaccine now...purely coincidence...
Mainstream media: There’s no conspiracy about who should win the credit for his Presidential term and it was just bad luck that this drug being released days later after the election day ;-)
Totally - so obvious.  So Big Pharma bosses held back on their good vaccine news a few days just so Trump wouldn't look good before the election, even though he helped greatly in the vaccine push.  But no worries - it's good letting everyone see the corruption of the elite.
But it says the vaccine is only ready at the end of NEXT year. That is a long wait
Another one year to get vaccine guys.. its still very long. but we celebrate like we will have it tomorrow..
Thank you Mr. President! Trump 2024
You misspelled biden
The virus removes its MHC molecule which is like stealth mode. Which means even if you have antibodies it does not matter. Your body has to find the virus. You can pump yourself full of vaccines will not matter. Which is already well known but giving people hope is an amazing thing. There is a small window of time. Once a cell is infected if it has time to remove its MHC antibodies are about as good as water at that point.
Also to note this is why HIV has lasted for the last 36 years.  The removal of the MHC is not talked about because people need hope this can go away.  Sometimes you wish stories about monsters were just fairytales. Let us hope over time this virus through its own mutations weakens to the likes of the 4 major coronavirus of the normal cold.
stop with the science Shawn, you’re going to offend the non-believers...
it is not normal. After biden win the game, pfrizer state vaccine has 90% effective. Do the rich ones try to clear their stocks in the name of president election and vaccine? be very careful.
celebration in a depression ward maybe... Biden taskforce has the task to forge a case for a lockdown, vaccine will be downplayed and irrelevant. This is what career politicians do, follow a script that has nothing to do with reality.
Trump ignored the reality of the virus and people needlessly died.
Fake News
Hahahahahaha...thats just beautiful.
Congratulations President Trump! Warp speed got the vaccine, S&P just missed setting a new yearly high after a great run since 2016 Election!
Trump 2024!
Thank scientists and nurses, not politicians like trump or biden? Tell me again about their peer approved scientifical data they were producing in the vaccine process? Lol silence the sheep
Of course...just what Trump said would happen. lol. right at election, they would make up some reason to end covid. lol....shocker
Celebrate 🎉 💃🏻🕺🏻🎊 .... 🤦🏻
Market expects government gridlock and so it was ready to jump on positive news, like this vaccine today.
1.3 billion vaccines will take up to a year to produce. It will take years to produce and give to majority of the world population.
production has already started
sell off coming. Potential end to covid doesn't change awful earnings.
Bmun stun why do you think earnings are so down.
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