ILLUSTRATION. Wall Street accelerated in early trade this week.
Reporter: Wahyu Tri Rahmawati | Editor: Wahyu T. Rahmawati
KONTAN.CO.ID – JAKARTA. Wall Street accelerated in early trade this week. Monday (7/13) at 21:00 WIB, the Dow Jones Industrial Average rose 0.81% to 26286.
The S&P 500 index rose 0.73% to 3,208. While the Nasdaq Composite shot 1.24% to 10,747.
Strengthening the United States stock market (US) is supported by the progress of the development of the Covid-19 vaccine and the start of the financial statement season. The share price of the German biotechnology company, BioNTech shot 9.2% in pre-trade and Pfizer shares rose 2.4%. Two experimental corona virus vaccines will enter the fast track Food and Drug Administration (FDA) licensing.
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“There are new expectations that the Pfizer vaccine will be ready for approval by the end of October, sooner than predicted. This is good news,” Thomas Hayes, managing member of Great Hill Capital LLC told Reuters.
Pepsi Co. started the second quarter performance season with a resounding record. The share price of this food and beverage company rose 2.6% due to the increase in sales of snacks such as Fritos and Cheetos during lockdown in the us.
“The market sees that the worst conditions have passed and is now waiting for earnings announcements and projections, which are likely to be better than the worst predictions,” Hayes said.
Read Also: Please be patient, the corona virus vaccine will not be discovered until 2021
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