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New Covid pill boosts economic recovery

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The pandemic caused by Covid-19 generated many economic losses around the world. The United States, one of the most powerful economic leaders, was affected by this situation, falling into a financial crisis. The markets were down, and everything seemed to be going downhill.

However, everything started to improve thanks to the vaccine. One of its leading developers is now working on a new oral medication. The news about the development of Pfizer’s new Covid-19 pill boosted expectations for a speed up in the economic recovery. This caused the Dow Jones, the S&P 500, and the Nasdaq Composite to rise, also supported by the results of the latest jobs report published last October.

The stock market saw the increase of Pfizer’s share price by 7% due to their announcement. Its board member, Dr. Scott Gottlieb, declared in CNBC’S Squawk Box that the pandemic could be over soon in the US. It’s only a matter of time until January when President Biden’s workplace vaccine mandates take effect. After that, economic recovery is in sight.

Thanks to this good news, many airlines decided to reopen their services soon; therefore, their market value increased. For example, United Airlines and American Airlines’ stock rose around 6%. 

On the other hand, October’s jobs report estimates around 450,000 jobs added to the labor market. This amount surpasses the 312,000 jobs reported in September and even the 194,000 available in August. The improvement in these numbers is one of the main reasons why the American indices are also increasing.

The Dow Jones index added 240 points. Also, the S&P 500 increased 0.6% by the seventh day in a row, and the Nasdaq Composite jumped 0.6%. As a result, it is estimated that each index finishes the week with a higher value. 

The US population is optimistic about this situation. Regular activities will return, economic recovery is expected, and, why not, economic growth.

On which index would you invest in taking advantage of the increase of the markets?

Find out more news about the world of finance in our NewsFlight newsletter.

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