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USA | Nov 9, 2020

US stock markets rise on vaccine news and Biden win

Al Edwards

Al Edwards / Our Today

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Traders work on the floor at the New York Stock Exchange (NYSE). (Photo: KUT.org)

US stock markets hit new highs on Monday morning on news of positive trials on a vaccine from Pfizer and BioNTech and confidence brought on by Joe Biden getting 274 votes in the Electoral College, now making him President-elect.

The S&P 500 rose 3.7 % and Nasdaq futures were up by 1.5%.

The Dow Jones, trading 1,300 higher, spelt a 4.7% increase, making it a new record.

Jim Cramer of Mad Money said: “I think that the rally is justifiable. I think we’re going to start a new discussion and the discussion is what is America going to look like post COVID. If you think about where we were last week, where we felt that there was very little chance to be able to stop this thing, now suddenly we have hope.”

Across the pond, the FTSE 100 surged 4.7% and the. DAX rose 5.4%.

Good news for travel is that cruise ship and airline companies ticked up considerably with Carnival up 40% and American Airlines 14%.

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