At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is storming higher yet again. At the time of writing, the benchmark index is up an impressive 1.6% to 6,397 points.
Here's what is happening on the market today:
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Pfizer COVID-19 vaccine send market hurtling higher.
News that Pfizer has had positive early results from its COVID-19 vaccine trial has given the share market a huge boost on Tuesday. According to its announcement, the vaccine candidate was found to be more than 90% effective in preventing COVID-19 in participants without evidence of prior SARS-CoV-2 infection in the first interim efficacy analysis.
Travel shares shoot higher.
The COVID-19 vaccine news has gone down incredibly well in the travel sector on Tuesday. The likes of Flight Centre Travel Group Ltd (ASX: FLT), Qantas Airways Limited (ASX: QAN), and Sydney Airport Holdings Pty Ltd (ASX: SYD) have all made double-digit gains today. With an effective vaccine potentially ready to be rolled out before the end of the year, the travel sector could make a much quicker than expected recovery.
Bank shares jump.
The vaccine news has also gone down well with bank investors, who may believe a swifter recovery from the pandemic could limit the damage done to the economy. All the big four banks are trading notably higher today. The best performer in the big four has been the National Australia Bank Ltd (ASX: NAB) share price with a 7% gain.
Best and worst ASX 200 performers.
The best performer on the ASX 200 on Tuesday has been the Unibail-Rodamco-Westfield CDI (ASX: URW) share price with a 23% gain. The shopping centre operator has been impacted greatly by the pandemic, so a vaccine would certainly be welcome news. The worst performer has been the Domino's Pizza Enterprises Ltd (ASX: DMP) share price with a 12% decline. Investors have been selling COVID-winners today and rotating into underperformers like travel shares and Unibail-Rodamco-Westfield.
