US Stock Market, S&P 500 on the Rise on COVID-19 Vaccine Hopes, Stimulus Measures



(Reuters) – The S&P 500 trades slightly higher thanks to promising data on a series of potential Covid-19 vaccines and hopes for further stimuli, which help to overcome fears about the extent of the economic damage resulting from a surge in cases of coronavirus in the country.

The US pharmaceutical company Pfizer and the German biotechnology company Biontech have reported further data regarding their experimental vaccine against Covid-19, which has proven to be safe and effective in inducing an immune response in patients. Pfizer shares are up 2%.

In the UK, data from Astrazeneca’s Covid-19 experimental vaccine also showed that it produced an immune response in healthy volunteers in early clinical trials.

Congress will discuss a new aid package this week as some support programs are due to expire by the end of the month and record levels of new cases from Covid-19 are forcing many states to backtrack on reopening plans. .

Around 5pm, the Dow Jones Industrial Average is down 0.21% to 26.623.45, while the S&P 500 rises 0.27% to 3.235.56.

The Nasdaq Composite advanced 1.09%, to 10,621.83, supported by a 3.5% jump recorded by Amazon after two brokers raised the target price on the e-commerce giant and by the rise of about 2 % of MICROSOFT.

The giant of the oil services Halliburton jumped 7% after reporting an unexpected adjusted profit benefiting from the aggressive cost cuts. Noble Energy rises 6.5% after oil major CHEVRON announced it has reached an agreement to purchase the Houston-based oil and gas producer for $ 5 billion in a card-to-card transaction. Chevron leaves 1.4% on the ground.

The quarterly reports of major companies including Microsoft, Tesla, Intel and Honeywell International are expected this week.