Reuters.- Wall Street rose this afternoon and the Nasdaq hit an all-time high at the close, as confidence was strengthened by the full approval of a vaccine for Covid-19, and while market players await the Jackson Hole Symposium that is expected to meet later this week.
The Three major US stock indices ended the session with strong gains, and a rise in the price of crude oil put energy sector shares in the forefront.
“This has been the script all along,” said Peter Cardillo, chief market economist at Spartan Capital Securities on Wall Street. “We hit new highs, we backtracked and then we got back to racing.”
“That tells me that the fundamentals are in place,” added Cardillo. “There are concerns out there, but it is difficult to keep this market down.”
The United States Food and Drug Administration (FDA) granted the Full approval of the Covid-19 vaccine developed by Pfizer Inc and BioNTech, a measure that could speed up inoculations in the United States.
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Wall Street and the advance of vaccination
“Full approval means that there will most likely be more mandates, that more companies force to be vaccinated to be able to return to the officeCardillo said. “I don’t think this will get all the skeptics vaccinated, but this news of the day will probably bring (the vaccination rate) closer to 75%.”
US-listed BioNTech and Pfizer shares advanced, as did those of rival Moderna Inc.
The rise in Covid-19 infections caused by the highly contagious Delta variant has fueled concern about a delay in recovery from the global health crisis.
Data released in the early afternoon of Wall Street trading offered a mixed portrait of an economy returning to normal after the steepest contraction in history.
The Second-hand home sales unexpectedly increased in July, according to the National Association of Realtors, while a report from IHS Markit showed that business activity accelerated this month.
Market Participants Have Their Eyes On The Jackson Hole Symposium, to be held in Wyoming later this week. Comments from Federal Reserve Chairman Jerome Powell will be scrutinized for clues about the tightening schedule.
Unofficially, the Industrial Average Dow Jones rose 215.63 points, or 0.61%, up to 35,335.71 units, while the S&P 500 gained 37.84 points, or 0.85%, to 4,479.51 units. The Nasdaq added 227.99 points, or 1.55%, to 14,942.65 units.
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