The S&P 500 and the Dow Jones Industrial Average climbed to all-time highs on news that the Covid-19 shot being developed by Pfizer Inc. and BioNTech SE prevented more than 90% of infections.
NEW YORK: Stocks surged around the world and bonds tumbled after a large-scale coronavirus vaccine study delivered the most-promising results in the battle against the worst pandemic in a century.
The S&P 500 and the Dow Jones Industrial Average climbed to all-time highs on news that the Covid-19 shot being developed by Pfizer Inc. and BioNTech SE prevented more than 90% of infections.
Novavax Inc.’s vaccine received a fast-track designation from U.S. regulators, bolstering optimism. All the enthusiasm pushed up companies that have been hit hard by the economic toll of lockdowns such as small caps and travel stocks, with American Airlines Group Inc. and Carnival Corp. soaring more than 22%.
Stay-at-home companies Zoom Video Communications Inc. and Peloton Interactive Inc. plunged at least 18% on hopes that a return to normal is on the horizon.
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