Dow Jones on track for one of the biggest 1-day point gains ever after vaccine news
The stock market soared on Monday as Pfizer unveiled surprisingly positive news that its COVID-19 vaccine candidate appears to be far more effective than anticipated.
The Dow Jones Industrial Average on Monday climbed over 1,000 points after Pfizer said that an interim analysis showed that the COVID-19 vaccine it's developing is over 90 percent effective, CNN reports.
"At this rate, the Dow is on pace for one of its best days of the year and one of its biggest daily point gains in history," CNN writes.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The Dow also set "its first intraday record since February," prior to when markets crashed in March as the coronavirus pandemic hit the U.S., The Wall Street Journal reports. "Cruise operators, airlines and mall owners were also among the market's biggest winners," The Associated Press writes. Experts have noted, though, that it will be months into 2021 before any coronavirus vaccine could become widely available in the United States if it's ultimately approved by the Food and Drug Administration.
The stock market's surge also came after on Saturday, former Vice President Joe Biden officially became president-elect, as news outlets called the 2020 presidential race in his favor.
"We all sort of knew that November would be a pretty important period for last stage news on the three main vaccines," NatWest Markets strategist James McCormick told The Wall Street Journal. "The news is clearly pretty positive. We've got the election past us and now the market is focusing on what’s next."
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brendan worked as a culture writer at The Week from 2018 to 2023, covering the entertainment industry, including film reviews, television recaps, awards season, the box office, major movie franchises and Hollywood gossip. He has written about film and television for outlets including Bloody Disgusting, Showbiz Cheat Sheet, Heavy and The Celebrity Cafe.
-
Why Man United finally lost patience with ten Hag
Talking Point After another loss United sacked ten Hag in hopes of success in the Champion's League
By The Week UK Published
-
Who are the markets backing in the US election?
Talking Point Speculators are piling in on the Trump trade. A Harris victory would come as a surprise
By The Week UK Published
-
Crossword: November 3, 2024
The Week's daily crossword
By The Week Staff Published
-
ACA opens 2025 enrollment, enters 2024 race
Speed Read Mike Johnson promises big changes to the Affordable Care Act if Trump wins the election
By Peter Weber, The Week US Published
-
McDonald's sued over E. coli linked to burger
Speed Read The outbreak has sickened at least 49 people in 10 states and left one dead
By Rafi Schwartz, The Week US Published
-
Texas dairy worker gets bird flu from infected cow
Speed Read The virus has been spreading among cattle in Texas, Kansas, Michigan and New Mexico
By Peter Weber, The Week US Published
-
Dengue hits the Americas hard and early
Speed Read Puerto Rico has declared an epidemic as dengue cases surge
By Peter Weber, The Week US Published
-
US bans final type of asbestos
Speed Read Exposure to asbestos causes about 40,000 deaths in the U.S. each year
By Peter Weber, The Week US Published
-
Seattle Children's Hospital sues Texas over 'sham' demand for transgender medical records
Speed Read Texas Attorney General Ken Paxton subpoenaed records of any Texan who received gender-affirming care at the Washington hospital
By Peter Weber, The Week US Published
-
Afghanistan has a growing female suicide problem
Speed Read The Taliban has steadily whittled away women's and girls' rights in Afghanistan over the past 2 years, prompting a surge in depression and suicide
By Peter Weber, The Week US Published
-
US life expectancy rose in 2022 but not to pre-pandemic levels
Speed Read Life expectancy is slowly crawling back up
By Devika Rao, The Week US Published