Exxon Mobil Corp. (XOM) - Get Report lead energy stocks soared higher Monday, while global oil prices spiked by nearly 10% and airline shares surged, as investors piled into travel and energy stocks following news that Pfizer Inc.'s (PFE) - Get Report experimental coronavirus vaccine passed a 90% efficacy rate.
Pfizer said late-stage trials of its mRNA-based coronavirus vaccine, which it's developing with Germany-based BioNTech BNTX, provided what CEO Albert Bourla called 'the most significant medical advance in the past 100 years": a 90% efficacy rate with no serious side-effects.
Pfizer said it will have some 1.3 billion doses of the vaccine available next year, and will seek Emergency Use Authorization from the U.S. Food & Drug Administration later this month.
Exxon Mobil shares were marked 13.15% higher in early afternoon trading Monday, the biggest gain since March 24, to change hands at $37.12 each, while Chevron Corp. (CVX) - Get Report jumped 12.5% higher at $80.05 each. Occidental Petroleum (OXY) - Get Report rose 20.6% to $12.08 while oil services group Halliburton jumped 20% to $14.74 each.
Airline stocks, meanwhile, were also on the move, with American Airlines Group (AAL) - Get Report rising 16.4% to $13.34 per share and domestic rival Delta Air Lines Inc. (DAL) - Get Report spiking 16% higher at $36.46 per share. United Airlines Holdings (UAL) - Get Report, meanwhile, was marked 18.5% higher at $41.10 each.
Global oil prices were also storming higher on the Pfizer news, with WTI Crude Futures rising 9% to $40.41 per barrel and Brent contracts, the global benchmark, surging $3.12 per barrel to $42.57 each on the hopes of renewed energy demand.
https://www.thestreet.com/investing/exxon-leads-energy-shares-higher-on-pfizer-vaccine-boost
2020-11-09 18:57:00Z
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