Stocks & Oil Prices Rocket on Coronavirus Vaccine Hope
Image Credits: Business Insider
London, Nov 9 (AFP/APP): European stock markets and oil prices rocketed Monday on coronavirus vaccine hopes following successful trials.
Already up strongly on Joe Biden’s US election win, markets massively accelerated gains after Pfizer and BioNTech said their vaccine is 90 percent effective in preventing COVID19 infections. London’s benchmark FTSE 100 surged 5.5 percent in midday deals. In the eurozone, Frankfurt jumped 6.0 percent, Paris soared 7.1 percent, Milan won 6.2 percent and Madrid 9.4 percent. Dow Jones futures were up 5.4 percent ahead of the Wall Street open.
“Stock markets surged on some extremely positive news from Pfizer and Biontech”, said Neil Wilson, chief market analyst at Markets.com. “The Dow is now seen up 1,300 points (at the official open). Coming on top of the wave of relief from Joe Biden’s victory, it’s proving a spicy cocktail for stocks.”
New York crude advanced 8.5 percent and Brent North Sea oil was up 7.8 percent. The dollar was steady versus the euro and pound — and up more than one percent against the yen.
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