Dow rises more than 150 points after Pfizer-BioNTech deal, lawmakers move toward further stimulus
Stocks rose on Wednesday, boosted by news of a coronavirus vaccine deal between the U.S. government and Pfizer and BioNTech and apparent progress on U.S. stimulus negotiations.
The Dow Jones Industrial Average gained 165.44 points, or 0.6%, to close at 27,005.84. It was the Dow’s third straight gain. The S&P 500 rose 0.6% to 3,276.84, posting a four-day winning streak, and the Nasdaq Composite advanced 0.2% to 10,706.13. The S&P 500 also traded at its highest level in five months.
The U.S. agreed to pay Pfizer and German-partner BioNTech $1.95 billion to produce 100 million coronavirus vaccines if it proves to be safe and effective. The Department of Health and Human Services added the U.S. can acquire an additional 500 million doses of the drug under the agreement.
Pfizer rose more than 5%. BioNTech’s U.S.-listed shares gained 13.7%.
European markets close lower as coronavirus concerns weigh on sentiment
European stocks closed lower on Wednesday as concerns over the coronavirus outweighed optimism over the European Union’s recovery fund.
The pan-European Stoxx 600 provisionally ended down 0.9%, with oil and gas stocks shedding more than 2% to lead losses as all sectors except financial services slid into negative territory.
Reference: CNBC
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