- The SP 500 rises 0.56% driven by hopes for a COVID-19 vaccine.
- News of Trump’s plans to increase pressure on China has topped the positive mood.
The main Wall Street indices have rebounded after a hectic session, with the S&P 500 approaching daily highs, as hopes for a COVID-19 vaccine have boosted confidence in the energy and industrial sectors, offsetting declines in the tech sector.
News reports of another successful COVID-19 vaccine trial boosted market sentiment Monday, raising hopes for an economic recovery in 2021 and easing concerns about rising coronavirus infections in the US. and Europe.
Pharmaceutical giant AstraZeneca announced today that the coronavirus vaccine developed in conjunction with the University of Oxford has shown 90% efficiency in testing. The third company to report successful trials of a COVID-19 vaccine has raised hopes for an available cure early next year, which would contribute to a strong global economic recovery.
However, investor optimism has been hurt by news that the Trump administration is considering increasing pressure against China. Senior officials have suggested a plan to create an informal alliance of Western countries to retaliate when Beijing uses its commercial power to coerce countries, in response to pressure from China after Australia called for an independent investigation into the origin of the pandemic. of coronavirus.
On the macro front, the preliminary US Markit PMI surprised the market, and activity in the manufacturing and services sectors expanded beyond expectations in November, helping to boost investor sentiment. .
At the close of Wall Street, the Dow Jones industrial average rose 348.54 points, that is, 1.19% above the opening level to 29,591.27, the S & P500 SPX advanced 20.05 points, or 0.56%, to 3,577.59, while the Nasdaq Composite added 25.66 points, or 0.22% to 11,880.63.
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