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S&P 500 rallies as FDA set to approve vaccine – 8th December

The record highs for stock indices in the United States continued Tuesday, as both the NASDAQ and S&P 500 recorded new highs.

Markets rose on the news that the FDA stated that data submitted by Pfizer appeared to show the vaccine provided protection against COVID-19 after the first dose.

The Foods and Drugs agency is set to further review the vaccine in the next few days with hopes of a potential approval delighting investors.

Initial documents from the FDA showed that the vaccine was 82% effective for the combined group of people who took one or two doses.

The agency previously indicated that it would approve a vaccine which is over 50% effective.

Poland hesitant to agree to EU Stimulus terms

News circulated today stating that Poland and Hungary are blocking the European Union’s economic recovery deal, as they oppose a clause linking the release of funds to the rule of law.

Both nations believe the clause impacts their sovereignty and seek further talks before approving the €1.8 trillion recovery package.

The Polish PM stated that, “It may happen that another summit will be necessary… maybe there will be more long months of negotiations and a possible provisional budget. No scenarios should be ruled out at this stage.”

Germany’s DAX was marginally up despite this.

FTSE climbs, as UK Grocery Sales hit record high

Data released today from the UK showed that grocery sales hit a record £10.9 billion last month.

This news saw the FTSE 100 continue to maintain its position above 6,560, which it hadn’t reached since March, prior to last Friday.

With the UK in a state of national lockdown in November, grocery stores and essential service providers were the only retailers allowed to continue serving customers.

Data released by market researcher Kantar said grocery sales rose by 11.3% were up 13.9% year-on-year.

Quote of the day – “Never, ever argue with your trading system”

Michael Covel

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