Nasdaq hits record to open Q3
As Canadian markets closed to celebrate our national birthday, Wall Street climbed on positive news about of Pfizer’s COVID-19 vaccine. Developed with Germany’s BioNTech, Pfizer’s vaccine has yielded encouraging results though this is the initial phase of testing that was performed on 45 people.
Nevertheless, Pfizer climbed 3.18%, and the Nasdaq hit a new record close of 10,154, rising nearly 1%. The S&P gained 0.5% and the Dow shed 0.3%. The usual suspects rallied, including Amazon by 4.35% and Beyond Meat at 5.72%, though energy and financial names slipped. Schlumberger was down 3.64%. Facebook, on the other hand, recovered 4.62% amid a temporary ad boycott from companies unhappy with its efforts in policing hate speech. After a big earnings beat after the bell on Tuesday, FedEx soared 11.72%. Meanwhile, gold slipped below $1,800/ounce, and WTI and WCS per barrel climbed over 1%. The TSX reopens Thursday.