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Hopes for an effective vaccine against Covid-19 helped spur stock markets to strong weekly gains, as the S&P 500 Composite Index closed at a record high on Friday, gaining 2.2% on the week. Pharmaceutical giant Pfizer Inc. (NYSE: PFE) with BioNTech SE (NSD: BNTX) announced a vaccine that is 90% effective in Phase 3 clinical trials. Investors cheered the news, shifting attention away from the red-hot tech sector and into sectors seen as benefitting from economic recovery, including healthcare, financials, industrials, and materials.
The shift contributed to the 0.6% drop for the Nasdaq Composite Index on the week. The S&P/TSX Composite Index also got a boost as gains in metals and mining, energy, and financials, helped drive the index to a 2.4% weekly gain. Crude oil advanced 7.0% on the week, while gold retreated 3.2%.
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