NEW YORK: Shares of stocks that have been demolished as the coronavirus and related lockdowns have crippled the global economy surged on Monday following positive news from Pfizer and its German partner BioNTech about is experimental COVID-19 vaccine.
The energy sector , down more than 50per cent through Friday's close as reduced travel sapped demand for oil and gas, shot up 14.82per cent and was on track for its biggest daily percentage gain since March 24. Exxon Mobil gained 13.39per cent and Valero Energy soared 29.81per cent. "It's all about the vaccine. If Pfizer's vaccine is as good as people are saying it is that's a game changer for consumer behavior and a lot of the trends we've seen of the cyclical sectors being depressed are going to reverse on that hope that this is the beginning of the end of our dealing with COVID-19," said Chris Zaccarelli, Chief Investment Officer, Independent Advisor Alliance, Charlotte, North Carolina.
The S&P hotels, restaurants & leisure index shot up 5.43per cent with cruise lines Carnival Corp and Royal Caribbean each surging more than 30per cent higher. Casino operator Wynn Resorts rose 26.26per cent while hotel operators Marriott International and Hilton Worldwide each gained more than 10per cent.Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago, said the news was particularly good for companies in services industries.