The Dow Jones index rose another 0.90 percent at the close, after 2.95 percent on Monday and 6.9 percent last week, to 29,420 points. The large index of the S&P 500, on the other hand, dropped 0.14 percent to 3,545 points, following a rise of 1.17 percent on Monday and 7.3 percent last week. And a continuous corrector, the Nasdaq Composite, rich in technology and biotech stocks, yielded 1.37 percent to 11,553 points, after falling -1.53 percent on Monday and rising 9 percent last week.
At the close of Tuesday, the DJIA flagship index is just 0.45% from 29,551 points of its last all-time high reached on February 12. In a session on Monday, both the DJIA and the S&P 500 broke record highs, before reducing their gains at closing.
Markets continue to maintain very promising preliminary findings from the Phase 3 Pfizer Inc. (PFE) and BioNTech SE (BNTX) trials, even as operators have been urged to learn about the efficacy of the vaccine and the length of protection it offers. The prospect of starting to vaccinate populations at the end of 2020 or the beginning of 2021 is, however, a significant step towards a return to normal economic activity in the world, leading to a return of confidence in the financial markets, especially as several other laboratories are also carrying on their Phase 3 trials.
Anthony Fauci, the American immunologist, estimated on ‘CNN’ that the vaccine by Moderna Inc (MRNA) (-3.8 percent) was successful but was also technologically similar to that of Pfizer/BioNTech. In addition, an executive quoted by ‘Reuters’ from the British company AstraZeneca Plc (AZN) (up 4.6 percent on Wall Street) was also positive about the performance of its new Phase 3 phase.
The announcement of the progress of their Phase 3 trial by Pfizer and BioNTech has somewhat eclipsed the current coronavirus pandemic numbers, which continue to escalate in the United States, with 142,000 new coronavirus cases on Monday, marking the 5th day that cases surpassed 100,000. The average new regular cases in September were in the range of 50,000.