The U.S. indices ended the trading session in positive territory on Tuesday, December 8, after the Food and Drug Administration (FDA) released first scientific evaluation, setting the stage for the government to give a go ahead to the Covid-19 vaccine developed by Pfizer and BioNTech for emergency use in the United States. The United Kingdom has already begun mass use of this vaccine on Tuesday.
However the worsening of the pandemic situation in the country is of concern to U.S. investors. About 14.9 million cases of coronavirus infection have been detected in the United States since the beginning of the pandemic, although the total number of new cases over the past seven days is at an all-time high. Some states and cities have been forced to tighten social distancing steps as the infection continues to spread.
The prolonged negotiations on new budgetary incentives, which the US economy now especially needs in view of the tightening of restrictive measures, are placing additional pressure on the market. A group of congressmen from both parties unveiled their $908 billion joint project to boost the economy last week.
The Dow Jones Industrial Average blue-chip increased 0.35 percent to 30,173.88 points at the end of the day, the S&P 500 wide-market index gained 0.28 percent to 3,702.25 points, and the high-tech NASDAQ index increased by 0.50 percent to close at 12,582.77 points.
The price of Light crude oil futures for January delivery dropped 0.18 percent to $45.51 per barrel at the end of trading on the NYMEX. The price of gold futures for delivery in December fell by $10.65 to $1,864.20 per troy ounce following the results of trading on COMEX. In exchange, the yield on ten-year Treasury bonds was 0.939 percent.
Stocks of the pharmaceutical firm Pfizer, which added 3.18 percent, as well as of Moderna stock, which grew 6.48 percent in the expectation that its drug, which uses the same biotechnology as the Pfizer and BioNTech vaccine, would also be approved soon, were among the trading favorites.