US stocks lifted by COVID-19 vaccine progress

Wall Street stocks opened decisively higher Monday as progress on a coronavirus vaccine offset unease at worsening outbreaks in many parts of the United States.

About 10 minutes into trading, the Dow Jones Industrial Average stood at 26,298.79, up 0.9 percent.

The broad-based S&P 500 gained 0.8 percent to 3,210.72, while the tech-rich Nasdaq Composite Index jumped 1.4 percent to 10,766.29, rising further from record levels.

But investors also got some good news on the COVID-19 front, with Pfizer and BioNTech announcing that two of four vaccine candidates for the coronavirus received “Fast Track” designation from the US Food and Drug Administration.

If ongoing tests are successful, the companies could manufacturer up to 100 million doses by the end of 2020, said a joint press release.

This week’s calendar includes a trove of earnings announcements from large banks and a handful of other companies. Other events on the calendar include reports on retail sales and consumer prices.

Comments

N-Power: FG extends Batch C enrolment Aug 8

FG extends Batch C N-Power enrollment to August 8 Add caption The Federal Government says the enrolment for Batch C scheme of the N-Power Programme which started on June 26 will now close on August 8. Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar-Farouq, who disclosed this via Twitter on Sunday night, said over 5 million applications have been received for the scheme. The Federal Government plans to enrol 400,000 applicants in the Batch C scheme. Batches A and B of the programme who are about to exit the programme held a rally at the National Assembly Complex last week, requesting FG to employ them as well as pay them a grant of N600,000 each. Providing an update on the development, the minister said on Sunday, “I received the news of a protest at the National Assembly by N-Power Batch A and B beneficiaries who presented a list of demands which we are reviewing and will address as practically possible. “Let me reiterate that th...

PRESIDENT BUHARI RECEIVES MADAGASCAN COVID-19 HERBAL “DRUG” FROM GUINEA BISSAU’S PRESIDENT EMBALO

PRESIDENT BUHARI RECEIVES MADAGASCAN COVID-19 HERBAL “DRUG” FROM GUINEA BISSAU’S PRESIDENT EMBALO President Muhammadu Buhari Saturday at the State House, Abuja, received the Madagascan native formulation against the Covid-19 pandemic, and reiterated that he will listen to science before allowing traditional or any new medicines to be administered on Nigerians. At an audience meeting with President Umaro Sissoco Embalo of Guinea Bissau who brought along with him the samples of the traditional medicine as shared to African nations by Madagascar, President Buhari said his position on all such herbal or traditional medicinal postulates had remained the same. “We have our institutions, systems and processes in the country. Any such formulations should be sent to them for verification. I will not put it to use without the endorsement of our institutions,” said the Nigerian President. On the main reason for his visit, President Embalo said having stabilized his country after the tus...

Local investors take charge as foreign investors remain cautious amid FX scarcity

Local investors take charge as foreign investors remain cautious amid FX scarcity Renewed positive sentiments in the global space dominated markets in the month of May as investors’ optimism for a speedy economic recovery continues to support appetite for risky assets. This is also coming on the heels of ease in lockdown and gradual reopening of economic activities. In Nigeria, domestic investors took the driving seat at the nation’s equities market in the month of May as they took positions in cheap and dividend-paying bellwether stocks. On the other hand, foreign investors who are unable to move their funds from the country due to FX scarcity rolled their money back into the equities market. In the month of May, total value of transactions executed by domestic Investors out performed transactions executed by Foreign Investors by 40percent. According to data released by the Nigeria Stock Exchange, total transactions executed between May and April revealed that total domest...

MAW Royal Media

Search This Blog