‘A great day for humanity’ – and not bad for the stock market either | Nils Pratley

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Sumary of ‘A great day for humanity’ – and not bad for the stock market either | Nils Pratley:

  • The FTSE 100 index rose almost 5% as the US firm and its German partner, BioNTech, reported promising initial results from their Covid vaccine trial..
  • There is an obvious danger of getting carried away – of assuming that rapid vaccine development is now a breeze – but the strong market reaction makes sense..
  • Second, the stock market response was concentrated in a few sectors – those that have been clobbered by Covid since February..
  • Those are all reasons to think stock markets will remain volatile – and it jarring to see the S&P 500, the main US index, at an all-time high..
  • “The trading backdrop remains resilient and the quick recovery of the housing market is testament to the underlying strength of demand and supportive lending backdrop,”…

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