Theater Stocks Soar 58% on COVID Vaccine Effectiveness... Zoom, Amazon, Netflix Plunge

Pfizer Announces 90% Efficacy for COVID-19 Vaccine, Mixed Reactions
US and European Stock Markets Surge
Tech Stocks Relatively Weak
Oil Prices Soar...Gold Plummets

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] Expectations for the novel coronavirus (COVID-19) vaccine have driven the Dow Jones Industrial Average to soar in the New York stock market. Oil prices have also surged nearly 10%.

On the 9th (local time) in the New York stock market, the Dow Jones Industrial Average was up 3.78% as of 11 a.m., shortly after the opening. During the session, it surged vertically by 5% before a slight pause. The S&P 500 index rose 2.63%.

On the other hand, the Nasdaq index, which had been relatively strong amid the COVID-19 situation, saw limited gains, rising only 0.75%.

Regarding the rise on this day, The Wall Street Journal (WSJ) reported it as the strongest upward trend since last April.

Before the market opened, the announcement of interim results from the Phase 3 clinical trial of the COVID-19 vaccine jointly developed by Pfizer (USA) and BioNTech (Germany), showing an efficacy rate of over 90%, lifted the market.

Stocks related to airlines, travel, banking, and oil surged. American Express jumped 17%, while Boeing, Chevron, and JP Morgan experienced double-digit percentage gains. Airline stocks such as Delta and United also rose about 10%.

The stock price of AMC, the largest theater chain in the United States, showed a record increase of 58%. Department stores and retailers such as Macy's, Kohl's, and Nordstrom also saw double-digit percentage gains, releasing strong market momentum.

Pfizer and BioNTech, which announced the success of the COVID-19 vaccine, recorded increases of 9% and 5%, respectively.

Some stocks showed mixed fortunes. Zoom, a video conferencing solution provider, plunged 15%. Amazon fell 2%, and Netflix dropped 5%. CNBC reported that the expectation of returning to pre-pandemic normalcy due to the COVID-19 vaccine development pulled down the stock prices of COVID-19 beneficiary companies.

Not only the U.S. stock market but also European markets surged. France's CAC40 index rose 7%, Germany's DAX index 4%, and the UK's FTSE100 index 4.9% respectively.

With expectations of economic recovery, international oil prices exploded. On this day, West Texas Intermediate (WTI) crude oil surged 9.64%, surpassing the $40 mark.

While the dollar index rose 0.6%, international gold prices plunged 4%.

This content was produced with the assistance of AI translation services.