Nowadays, the economic recovery of any country depends on successful vaccination. The world's largest economy needs it as much as the rest. That is why the news that Pfizer's vaccine has received full approval from the US Food and Drug Administration cannot but please.
FDA experts have announced that the coronavirus vaccine developed by pharmaceutical giant Pfizer and its German partner BioNTech is now fully licensed. This license based on numerous clinical trials affirms its efficacy and safety. It is the first vaccine to receive full approval from the country’s drug regulatory authority. Following this important announcement, the US stock market showed strong performance.
The FDA’s decision to grant full approval to Pfizer-BioNTech’s two-dose Covid-19 vaccine immediately pushed equities higher. Thus, the Dow Jones Industrial Average surged by 300 points, while the S&P 500 and the NASDAQ Composite hit fresh all-time highs. Investors appeared to express confidence that this move could dramatically increase vaccination rates and become an inflection point for the global economic recovery.
“To the extent that the general public becomes more comfortable living with the virus, the economy is likely to continue on its upward trajectory,” Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, noted. In addition, higher vaccination rates will allow consumer-dependent industries such as the leisure and hospitality sector to recover faster.
