S&P 500 Jumps As Pfizer Vaccine Gains FDA Approval
In response to the FDA’s mandate, shares of Pfizer stock (PFE) are up 2.5%. The news comes as Delta continues to spread in the U.S.
To open the trading week, the U.S. Food and Drug Administration (FDA) has granted full approval to the Pfizer COVID-19 vaccine. And, the markets are responding positively. At the midway point of the U.S. session, the DJIA DOW (+265), S&P 500 SPX (+45), and NASDAQ (+225) are all deep into the green.
Late-Friday afternoon, the New York Times reported that the FDA was going to approve the Pfizer COVID-19 vaccine this morning. The report turned out to be true. Now, traders are excited about potentially returning to business-as-usual in the U.S. by 2022. Here are the details of the FDA’s approval:
- Approved for people 16 years and older.
- The first COVID-19 vaccine to be approved in the U.S.
- The vaccine, named Comirnaty, has been deemed as 91% effective at preventing COVID-19 infection.
- Approval is based on a clinical trial involving 22,000 people.
In response to the FDA’s mandate, shares of Pfizer stock (PFE) are up 2.5%. The news of the approval comes as the Delta variant continues to spread in the U.S. The new seven-day moving average is 137,188 new cases per day and 738 deaths.
Pfizer Wins The FDA Sweepstakes, S&P 500 Rallies
Anything that suggests a return to a relative normalcy is good for the S&P 500. The Pfizer news is just that and has the S&P 500 on the cusp of 4,500.
Overview: The Pfizer vaccine’s FDA approval has the potential to be a game-changer for the markets. At this point, the spread of Delta has generated a high degree of uncertainty regarding fall season lockdowns. If Pfizer’s FDA approval generates a spike in vaccinations, policymakers may back off such measures in the U.S. If not, today’s equities market rally may be short-lived.
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