The Daily Times Newspaper

Pharmaceutical J&J Wins on Wall Street After News About vaccine

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The American pharmaceutical company Johnson & Johnson (J&J) was put higher on the stock exchange in New York on Wednesday.

 

Investors responded positively to news that the American regulator FDA has called the corona vaccine from Leiden pharmaceutical company Janssen, part of J&J, “safe and effective”.

In early trading on Wall Street, the pharmaceutical company was up about 1 percent. On Friday, the FDA will issue an advisory report on the drug’s approval. Unlike the approved vaccines from Moderna and Pfizer / BioNTech, the Janssen vaccine can be stored at refrigerator temperature. The other vaccines must be kept very cold. Also, only one injection needs to be done with the Leiden drug.

The leading American stock market indicators actually fell slightly. The financial markets mainly keep an eye on Congress’s developments. Central bank president Jerome Powell will speak there again on Wednesday.

Shortly after the opening bell, the Dow Jones index recorded 0.2 percent lower at 31,477 points. The more broadly composed S&P 500 lost 0.3 percent to 3872 points. Tech exchange Nasdaq started the trading day 0.8 percent in the minus at 13,359 points.

The Federal Reserve boss said on Tuesday that he did not fear extremely high or prolonged inflation. The Fed also continues to inject billions into the economy, keeping interest rates low. Fears of strong inflation and rising market interest rates have recently caused nervousness in the markets.

There was also a big climber in electric car maker Fisker. This American start-up will develop a car together with the Taiwanese electronics assembly company Foxconn. It should be on the market in 2023. That was rewarded at the stock exchange with a price gain of about 16 percent.

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