COVID-19 vaccine news prompt airlines shares soar in US, Europe
The aviation industry might have hope for faster recovery following the positive development from COVID-19 vaccine trials. After the news on vaccine effectiveness broke, airlines’ shares surge globally.
On November 9, 2020, German biotech giant BioNTech and U.S. pharmaceutical firm Pfizer announced that their ongoing trial of a coronavirus vaccine was more than 90% effective in preventing COVID-19 among those without evidence of prior infection. The news of its effectiveness was welcomed as a major breakthrough. While the vaccine is still to be approved by authorities, it could potentially be made available by the end of 2020.
Following the news, also on November 9, American Airlines (A1G) (AAL) shares rose by more than 25%, United Airlines was up more than 20%, while Delta Air Lines was up 18%. Boeing shares grew by more than 14%. Meanwhile, in Europe, EasyJet shares grew up 25%, and British Airways owner IAG shares were also up 30%.
After the long wait for the promising development of a COVID-19 vaccine, the aviation industry might finally see the light at the end of a tunnel.
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