The news that the Corona 19 vaccine jointly developed by US pharmaceutical company Pfizer and German Bioentech showed more than expected effects, greatly boosted the global stock market on the 9th (local time).
News of Democratic presidential candidate Joe Biden's election over the weekend also served as a boon for the stock market.
However, large IT stocks stagnated, limiting the rise of the New York Stock Market, and the technology stock-oriented NASDAQ index fell.
International oil prices skyrocketed and gold prices plummeted, showing the opposite of the news of vaccine progress.
The announcement of the intermediate results of the phase 3 clinical trial of Pfizer-Bioentech, which came before the opening of the New York Stock Market, set the stage for the rally.
Pfizer revealed that the anti-corona 19 effect of its vaccine was more than 90% as a result of an interim analysis by an external expert panel.
Although the numbers may vary depending on the final result, this means that it was nearly twice as effective as the regular flu vaccine (40-60% preventive).
Immediately after opening, the Dow Jones 30 Industrial Average started at 29,933.83, a record-breaking intraday high and a 1,600 point jump from the battlefield, and the Standard & Poor's (S&P) 500 Index also rewritten its intraday reported price.
However, due to the plunge in IT stocks that were enjoying reflected profits, we forgot a lot of the initial rise.
The Dow index rose 834.57 points (2.95%) to 29,157.97, and the S&P500 index rose 41.06 points (1.17%) to 3,550.50, respectively.
Based on the closing price, the Dow index is the largest increase since June 5.
The technology stock-oriented NASDAQ index closed at 11,713.78, down 181.45 points (1.53%).
The Wall Street Journal (WSJ) analyzed that this was because investors sold large IT stocks that had guaranteed high profits and switched to'pandemic losers', which were hit directly by the Corona 19 crisis such as travel, airlines, and banks.
Carnival, the world's largest cruiser, soared 39.3% in one day, and Southwest Airlines also rose 9.7%.
Walt Disney also surged 11.9% on the back of expectations for the normalization of theme parks.
Bank stocks such as JPMorgan Chase (13.5%), Bank of America (14.2%), and Citigroup (11.5%) also posted double-digit growth.
On the other hand, Zoom, the largest beneficiary of telecommuting and remote classes, plunged 17.4%, while Netflix (8.6%) and Amazon (5.1%) were unable to avoid a sharp decline.
Stock markets in major European countries, which opened before the New York Stock Market, were more enthusiastic about vaccine development news.
The CAC40 index of the French Paris stock market surged 7.57% from the closing price of the previous trading day to 5,336.32, while the DAX index of the German Frankfurt stock market rose 4.94% to 13,095.97, respectively.
The UK London Stock Exchange's FTSE 100 index also closed at 6,186.29, up 4.67%.
The Euro Stoxx50 index, a pan-European index, closed up 6.36% to 3,407.91.
European stocks soared all at once on the intraday news of Pfizer-Bioentech's vaccines.
In addition, the news that US President Donald Trump, who dismissed traditional alliances by advocating "American First," lost the presidential election and won Biden, served as good news.
International oil and gold prices moved in opposite directions.
West Texas crude oil (WTI) for December deliveries on the New York Commercial Exchange (NYMEX) closed at $40.29, up 8.5% ($3.15) per barrel from the previous trading day.
The surge in oil prices is the largest since May, according to Bloomberg.
On the other hand, gold for December deliveries on the New York Merchandise Exchange closed at $1,854.40, down 5% ($97.30) per ounce.
It is interpreted as a result of investors throwing away safe assets such as gold and focusing on risky assets due to anticipation of the corona 19 vaccine effect.