Vaccine announcement generates surge on Wall Street

Content Team November 10, 2020

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Vaccine announcement generates surge on Wall Street

Gaming sector experiences huge rise due to vaccine news and US election result

Investors finally caught a break on Monday as primary data showed stock markets rocketing, due to the news of a coronavirus vaccine being announced by Pfizer. Additionally, investors are now able to sleep a little easier as days of US presidential limbo ended with Democrat Joe Biden declared the president-elect.

The Dow closed at 29,157.97, up 2.95% or 834.57 points. The Nasdaq closed down 1.53%.
wallstreet-be6e21ad26e546dd8b015d7be5d71528Significant rises were seen in relation to the gaming industry. Caesars Entertainment saw a rise by almost 10%; Las Vegas Sands up by 9.23%, MGM Resorts International saw an increase of 14.94%.

Furthermore, Penn National Gaming saw a rise in stock share of 10% before closing down 1.6%. Wynn Resorts closed up 27.69%, Red Rock Resorts was up 3.3%, Century Casinos was up 8.97%, and Boyd Gaming, up 2.59%.

Equipment providers for gaming operators also saw a rise as companies such as International Game Technology closed up 12.89%, whilst AGS also surged at 22.22%. Furthermore, Dow futures rose 4.2% higher while those for the S&P 500 increased by 3.1%.

In Europe, France’s CAC 40 jumped 5.6% to 5,239, while Germany’s DAX surged 5.1% to 13,112. Britain’s FTSE 100 gained 4% to 6,145.

It is highly likely that any sort of economic recovery depends on halting this pandemic. Investors jumped upon hearing the news about Pfizer`s data even though it is only in the preliminary stages. This means that the vaccine is not close to being ready for distribution. Getting the vaccine to billions of people will be a massive task, even if it is approved.

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