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The Dow rose more than 100 points on the day, rising for the third day in a row in favor of progress in the development of the COVID-19 vaccine. From Pfizer Inc.
At 21.33 GMT, the Dow Jones Industrial Average was 29,533.66, a positive point of 112.74 or 0.38%.
The Dow Jones is up more than 1,000 points, or about 4% since Monday. Responds to advances in vaccine development against COVID-19. Including Mr. Joe Biden’s victory in the United States presidential election
News of the advances in the production of this type of vaccines. As a result, inventories that have benefited from the opening of economies such as airlines, retailers and cruise ships. Different climbs
Tech stocks also rallied today.
On the Goldman Sachs side, it has revised the target numbers for the S&P 500 this year and next. Responds to advances in vaccine development against COVID-19. Including the announcement of the victory in the presidential election of Joe Biden
Goldman Sachs raised its target S&P 500 numbers at the end of this year to 3,700 and by the end of next year to 4,300.
“Although investors are concerned about the policy of President Joe Biden, the COVID-19 vaccine is a major concern. It is a major factor in shaping the economic and stock market direction in 2021,” said Goldman Sachs.
Goldman Sachs has also raised the European stock market’s STOXX 600 target number by the end of next year to 430, benefiting from vaccination against the coronavirus. As the government relaxes closure measures, which resulted in listed companies making more profits
US and global equity markets soared earlier this week. After Pfizer Inc., the largest US pharmaceutical company and German pharmaceutical company BioNTech, Announcing Breakthroughs in COVID-19 Vaccine Trials It is more than 90% effective in virus protection for people who have never been before have infected. And the company will register the vaccine with the US Food and Drug Administration (FDA) next week. While it is expected that 50 million doses of the vaccine will be produced during this year and 1.3 billion doses next year. The news gave investors hope that the economy will recover from the COVID-19 crisis.
The FDA has also approved the use of antibodies from Eli Lilly & Co to treat COVID-19. It is an emergency for patients with mild to moderate symptoms.
The stock market was also boosted by Joe Biden’s victory in the US presidential election on Saturday. This has caused investors to worry about the uncertainty of the results of the US presidential elections. Biden promised to smooth the transfer of power. And it will promote measures to control the spread of the COVID-19 virus as well as other important measures
Looking at the latest congressional results, Democrats are likely to retain the majority in the US House of Representatives. While the race for the Senate remains uncertain. Georgia’s senatorial election is likely to be decided in a runoff in January.
If Mr. Biden wins an official presidential election AND the Democrats can have a full majority in Congress in both the Senate and the US House of Representatives. It will make the conduction of the economic stimulus run smoothly After being blocked under President Donald Trump.
But if Republicans continue to dominate the majority in the Senate it will also have a positive effect on the stock market. This would prevent Biden’s corporate income tax increase policy from being approved by Congress. This allows listed companies to continue to benefit from the Trump administration’s tax cut policy.
In addition, such a balance of power This will reduce the likelihood that the Biden government will issue regulatory measures for financial institutions. And companies of the American technology group
