S&P, Nasdaq higher on Covid-19 vaccine hopes, improving economic data

Topics Coronavirus | Wall Street | Pfizer

The S&P 500 and Nasdaq rose on Wednesday as rising hopes of a Covid-19 vaccine offset fears of another round of lockdowns following a record surge in coronavirus cases in the United States.   A Covid-19 vaccine developed by Pfizer Inc and German biotech firm BioNTech showed promise and was found to be well tolerated in early-stage human trial, the companies said.

  Pfizer's shares rose 4.8% on the news, one of the biggest boost to the S&P 500 index, while BioNTech gained 3%, helping improve the mood on Wall Street.

This article is no longer available in our repository.

There could be multiple reasons for this.