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Stocks jump on vaccine progress
Pfizer Inc. announced that its Covid-19 vaccine prevented more than 90% of infections in a large-scale study. Global stocks surged to all-time highs on the news. Futures on the S&P 500 jumped 3.6%. DAX 30 added 5.5%.
Why is it important?
Now when there’s some clarity with the US election, traders’ attention will turn back to the pandemic. Pfizer and its German partner BioNTech SE are the first drugmakers to show successful data from a vast clinical trial of a coronavirus vaccine. Now they will be able to seek an emergency-use authorization from regulators if further research shows the shot is also safe.
Many questions, of course, will remain. In particular, it's not clear how long the vaccine will provide protection. In addition, if authorized, the number of vaccine doses will initially be limited. Still, hope is all that matters for now. Market players have been discouraged by the recent increase in lockdowns, therefore it’s not really surprising that they are eager to react to positive developments.
What does it mean for Pfizer?
The stock of Pfizer is going to shoot up. The major resistance is located between 39.00 and 39.50 – these are the levels, which have been capping the price since March. Support lies at 35.50/00. Trading Pfizer stock will open at 16:50 MT time (GMT+2).
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