NEW YORK (AP) – Stock markets rocketed higher Monday after Pfizer said early data show its coronavirus vaccine is effective and investors breathed a sigh of relief after days of U.S. 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%.
On the gaming front, large risers included Caesars Entertainment, up almost 10%; MGM Resorts International, up 14.94%, Las Vegas Sands, up 9.23%, and Caesars Entertainment, up 10.88%. Penn National Gaming was up as much as 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%.
Gaming equipment providers were also on the rise. International Game Technology closed up 12.89% and AGS was up 22.22%. Everi Holdings closed down 2.12% and Scientific Games was off 3.47%.
Markets were already sharply higher on the U.S. election result when Pfizer said that data shows vaccine shots might be 90% effective at preventing COVID-19, indicating the company is on track this month to file an emergency use application with U.S. regulators.
Any economic recovery depends on checking the pandemic, and investors pounced upon the news. Pfizer’s data is only preliminary and does not mean a vaccine is imminent. Getting the vaccine to billions of people will be a massive undertaking, even if it is approved.
Dow futures jumped 4.2% higher while those for the S&P 500 rose 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.
Markets were already buoyant about the result of the U.S. elections, which saw former Vice President Joe Biden win the presidency.
CDC Gaming contributed.
