The top tech companies are bullish in line with the new Dow Jones record-breaking milestone.
The Dow Jones Industrial Average (INDEXDJX: .DJI) has made history as the index of 30 large-cap companies broke a new record after closing above 30,000 points for the first time. The growth which represents a 1.54% increment saw the addition of 454.97 to help the Dow Jones to break the new record. In a corresponding move, the S&P 500 Index (INDEXSP: .INX) surged 1.62% to close at 3,635.41. The Nasdaq Composite (INDEXNASDAQ: .IXIC) grew 1.31% adding 156.15 to close at 12,036.78
As reported by CNBC, the growth came on the positive news of the COVID-19 vaccine from Pfizer Inc (NYSE: PFE), Moderna Inc (NASDAQ: MRNA), and AstraZeneca Plc (LON: AZN). The trio ranks amongst the known pharmaceutical giants in search of a vaccine for the novel coronavirus pandemic, who have achieved an impressive efficacy result from late-stage clinical trials.
While Pfizer’s vaccine achieved more than 90% efficacy in the final analysis of its late-stage clinical trials, Moderna’s mRNA-1273 attained more than a 90% efficacy while AstraZeneca’s AZD-1222 saw a 70% efficacy in protecting against COVID-19. Pfizer has applied for an Emergency Use Authorization (EUA) which sends a frenzy into the investing world as a COVID-19 vaccine may soon be in circulation as early as mid-December.
Despite the positive expectation from the early rollout of the vaccine from Pfizer, the potentials of the vaccine from the duo of Moderna and AstraZeneca presents an alternative to that of Pfizer in relation to the storage temperatures. While Pfizer’s vaccine requires a storage temperature of minus 70 degrees Celsius, Moderna’s vaccine requires a fairer storage temperature of 2-8 degrees celsius for 7 days and a distribution temperature of minus 20 degrees celsius, and AstraZeneca’s vaccine even gives a better competitive advantage as it requires storage temperature of 2 to 8 degrees celsius which can keep the vaccine stable for about 4 to 6 months.
The temperature discrepancies in the three vaccines show that irrespective of how things turned out, there will always be a vaccine that can serve the populace, the reflection of which is seen in the current market trend.
Dow Jones New Record and Market Response
The top tech companies are bullish in line with the new Dow Jones record-breaking milestone. Amazon.com Inc (NASDAQ: AMZN) rallied by 0.63% to close at $3,118.06 and co-retailer Walmart Inc (NYSE: WMT) saw an upward surge of 0.26% to close at $151.36.
Other markets are also growing in commensuration to the Dow Jones’ record as Tesla Inc (NASDAQ: TSLA) pushed upward by 6.43% to close at $555.38. The growth is not reflective across all markets particularly in the stock of AstraZeneca and Moderna which both dropped 0.075% and 2.44% respectively on Tuesday respectively.
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