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Stocks Solid as Pfizer Up Efficacy

EQUITIES

The S&P 500 held just below alltime highs Wednesday, inching very slightly higher. After an uninspiring start, equities were lifted as Pfizer presented further results of their COVID-19 vaccine candidate, upping the efficacy from an initial estimate of 90% to 95% - flagging that there are no risks of side effects to older vaccine-takers either.

Financials and energy outperform, with industrials not far behind. Healthcare and tech were the laggards. Airlines traded well, with United Airlines & American Airlines adding over 4% apiece.

E-mini S&P volumes were a little lower than recent averages, with no tier 1 data releases to excite markets. Suitably, the VIX retreated to its lowest levels since August.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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