The S&P 500 rose to start the week as it was officially announced that the Johnson & Johnson COVID-19 vaccine was formally approved.
Over the weekend, the FDA had confirmed that the one-shot vaccine from J&J, which has an efficacy of 66% was authorized to be used in the United States.
Markets were buoyed by the news at the opening-bell, as this became the third vaccine to be approved, joining the Pfizer and Moderna iterations.
The benchmark U.S. index, which was mainly in the red to end February, could be set to breach the 4000 point level, should the momentum continue.
As of writing the S&P 500 was up by over 2.4%, with J&J shares trading almost 1% higher.
U.S. manufacturing reaches 3-year high
Data released today showed that U.S. manufacturing activity had climbed to its highest level in over 3- years.
Figures released by the Institute for Supply Management (ISM) showed that national factory activity rebounded to a reading of 60.8 in February from 58.7 in January.
This rise saw the ISM index hit its highest level since February 2018. Factory orders across the globe also have recently risen, as Germany, France, Italy and Spain all saw an increase in activity.
Many believe the rise in production could be due to pent up demand, or a sign that the pandemic could be nearing an end.
Over 20 million receive COVID-19 vaccine in the U.K.
Reports from the UK today confirmed that close to over 20 million people have now received the first dose of the COVID-19 vaccine.
Britain has undoubtedly been one of the most effective countries in vaccinating its residents, which is why the government believes the end of the pandemic could come in a matter of months.
Prime Minister Boris Johnson last week stated that he hopes all lockdown restrictions will be lifted by June 21st.
The FTSE 100 rallied on today’s news climbing by 1.62% to start the week.
In total, 20.3 million people have received their first dose of a COVID-19 vaccine.
Quote of the day – “The goal of a successful trader is to make the best trades. Money is secondary.”Alexander Elder
Senior Market Analyst