Wall Street ended higher on Tuesday after a hesitant start to the day with the Nasdaq and S&P 500 indexes hitting fresh all-time highs. The alarming estimates of the outbreak in the United States were trumped by expectations of coronavirus vaccination. Despite reluctance in Congress, in the United States, markets continue to focus on a new support plan. Investors are looking forward to Japan’s launch of a $700 billion stimulus package, and hope the ECB will announce on Thursday that its asset buyback programs will be enhanced and expanded to resolve the Covid-19 crisis.
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At the close, the Dow Jones rose 0.35 percent to 30,173 points close to its Friday peak of 30,218 points), while the large S&P 500 index advanced 0.28 percent to 3,702 points to a new milestone, and the technology-rich and biotech-rich Nasdaq Composite index added 0.50 percent to 12,582 points, setting its fourth consecutive record.
On the market side, after the announcement of a planned $5 billion capital increase, Tesla Inc yo-yoed before finishing up 1.27 percent. Pfizer gained 3.2 percent in the race for the anti-Covid-19 vaccine as the FDA is expected to approve its vaccine on Thursday, and Johnson and Johnson took 1.7 percent after saying that the results of their anti-Covid vaccine’s Phase 3 trial will be released at the end of January.
As for AstraZeneca (up 0.85%), an overall efficacy of 70.4 percent (62 percent for the first protocol, and 90 percent for the second) of its vaccine was confirmed on Tuesday. AstraZeneca has started to send data for rapid approval to regulators around the world, said Pascal Soriot, the Anglo-Swedish group’s CEO.
Moderna also benefitted for being in the race for vaccine, adding 6.48 percent to its value on Tuesday. The company has also reported a 90 percent efficacy of vaccine against Covid-19.