With the FDA approving the emergency use of the Pfizer/BioNTech vaccine on Saturday, ahead of their meeting to discuss the Moderna (NASDAQ:MRNA) preparation on Thursday, the Dow Jones returned to record high territory.
Climbing 220 points, the Dow struck 30,270 – close at that level and the index has itself a fresh all-time high.
Between now and Thursday’s FDA meeting – the next flagship event for the Dow – lies a Chinese data dump on Tuesday, the flash PMIs for December on Wednesday afternoon, and the final Federal Reserve meeting of the year on Wednesday evening, one that will likely see a further insistence from Jerome Powell and co. about the need for substantial fiscal stimulus.
Though it lost a step as the day went on – perhaps disappointed that the chances of a no deal Brexit have only fallen from ‘very, very likely’ to ‘possible’ following a reported concession from Boris Johnson – the pound nevertheless benefited from a sense of relief on Monday.
Against the dollar, it was up 0.7%, just over half its initial growth this morning, while against the euro it rose 0.6%.
Despite sterling’s slowing gains, the FTSE couldn’t join its US and Eurozone peers significantly in the green. The blue-chip index had to make do with a 0.1% increase, compared to the 1.1% surge seen by the FTSE 250.
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