Monday morning saw stocks soar to great heights after positive news over the weekend: Joe Biden being named President elect and Pfizer releasing positive news about its COVID-19 vaccine.
The Dow Jones Industrial Average hit a new record by gaining over 1,400 points or 5% while S&P rose by a fresh 3.5%. The Nasdaq Composite also gained 0.6%.
Traders reacted positively to Pfizer’s news of a possible COVID-19 vaccine while Moderna, another company with a stake in COVID-19 vaccine production stocks fell. Both Trump and Biden reacted to the news in their own individual styles. President Trump celebrated the developments, in a tweet.
Joe Biden said in a statement, “I congratulate the brilliant women and men who helped produce this breakthrough and give us such cause for hope. At the same time, it is also important to understand that the end of the battle against COVID-19 is still months away…”
Airlines, cruise-lines and oil soared to new heights. Gold also also increased to a value around $1,959 per ounce. Amazon, Zoom and other stay-at-home stocks slipped a notch with this news.
McDonalds said that their third quarter earnings was better than expected. On Monday third quarter results are expected from many companies including Beyond Meat, Occidental Petroleum and Simon Property Group.