On Monday, the prospect of a return to normal economies in 2021 through an effective coronavirus vaccine mainly benefited the cyclical sectors that were ravage by the health crisis, beginning with aeronautics, tourism, finance and oil, while the internet and other values of ‘technos’ rose during the crisis taking profits.
Aircraft maker The Boeing Company (BA) was up 13.7%, whose European competitor Airbus also flew high in Paris with gain of 18.5%. Aeronautical equipment manufacturers General Electric Company (GE) was up 7.8% and Honeywell International Inc (HON) soared 6.9%, Delta Air Lines Inc (DAL) up 17%, American Airlines Group Inc (AAL) up 15.1%, Southwest Airlines Co. (LUV) up 9.7% and United Airlines Holdings Inc (UAL) up 9.7% were among the biggest increases of the day.
American Express Company (AXP) (up 21 percent) and JP Morgan Chase & Co (JPM) (up 13.5 percent) distinguished themselves among financial firms, while oil majors Chevron Corporation (CVX) (up 11.5 percent) and ExxonMobil Corporation (XOM) (up 12.6 percent) also made an impressive catch-up, as did cruise lines such as Carnival Corporation & Plc (CCL) (up 39.2 percent) and Royal Caribbean Group (RCL) (up 28.8 percent), Cinemark Holdings Inc (CNK) (up 45 percent) and AMC Entertainment Holdings Inc (AMC) (51.4%).
The vaccine news was immediately embraced by President-elect Joe Biden, as a sign of “hope” though he warned that the “battle” against the coronavirus was still far from won. On Saturday night, Biden announced the formation of an anti-Covid crisis cell of scientists and experts, which will be tasked with building a “plan that will take effect from January 20, 2021,” beginning on Monday, the day of his inauguration.
Donald Trump’s criticism of the handling of the health crisis has made Biden one of the key spearheads of his election campaign. His opponent and many members of the scientific community accuse the Republican president of downplaying the pandemic that killed more than 237,600 people in the United States (the most affected nation in the world) in more than 9.9 million reported cases. The virus has slaughtered 1.25 million people worldwide and infected 50 million people.