Dow Soars Due to Release of New Vaccine

Dow Soars Due to Release of New Vaccine

( – The Dow Jones Industrial Average has bounced around since Joe Biden assumed office. On Friday, February 26, it closed more than 460 points down, ending the week amid heightened concern regarding interest rates and inflation.

However, the Dow Jones soared 603.14 points, up 1.95% on Monday, March 1. Fox Business attributed the rise to investor optimism based on the approval of a third COVID-19 vaccine.

The Food and Drug Administration issued an Emergency Use Authorization for Johnson and Johnson’s single-shot Janssen COVID-19 vaccine on Saturday, February 27. Unlike the previous two vaccines, recipients don’t require a second shot. Johnson and Johnson has already begun shipping 4 million doses nationwide.

News of approval of a third vaccine boosted figures for cruise ship operators, airlines, and other companies. Some heavily shorted stocks like AMC Entertainment Holdings continued their rise in the wake of the news.

The S&P 500 rose 2.38% and the Nasdaq 3.01% amid mounting enthusiasm regarding the nation’s economic recovery.

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