Pfizer, the American pharmaceutical corporation, said that the effectiveness of the COVID-19 vaccine that it is developing is over almost 90%. No severe side effects had occurred yet. They would like to get permission from the authorities to use it this month. Today, stock markets responded with strong growth. Continue reading for more of the latest Stock Market News.
Latest Stock Market News
The Dow Jones index, which includes shares of the top 30 US companies, gained about 4.6% to 29,627 points shortly after trading. The broader S&P 500 index rose 3.2% to about 3,622 points. And the Nasdaq Composite Index, which includes many high-tech companies, added about 0.7% to 11,982 points, as the stock market shows today.
But stocks are not rising just because of the prospects of success in the fight against the COVID-19. Those in Europe and Asia will push the outcome of the US election. In response, stock markets began growing this week. The pan-European STOXX Europe 600 index added about 1.5% in the morning, the Frankfurt Stock Exchange 1.9%. Japan’s Nikkei index closed at its highest level in 29 years. Chinese stocks have risen for no more than five years, and Indian stocks are new.
The market situation is also putting pressure on oil prices. They strengthen significantly at the beginning of the week. Monday’s increase is the sharpest in more than six months. In addition to the reports of the development of a vaccine, signals from the Organization of the Petroleum Exporting Countries (OPEC) and its allies, which are willing to reduce production further, are also helping. Today, stock market was a wild run.
Hyperloop passed the first test with humans
Hyperloop, twice as fast as any plane, successfully carried a human crew. And surprisingly it wasn’t from Elon Musk. To clarify, it was from the company Virgin Hyperloop. The entrepreneur, Richard Branson, completed the first high-speed pipeline journey with people. It has passed a critical safety test of technology that can be a revolution in the transport of people and goods.