Japan’s Nikkei 225 gained 0.68 points as stocks on Friday as strong trading continued following Monday’s announcement. However there are signs investors are switching back to technology companies, and away from stocks vulnerable to coronavirus, as doubts about the new vaccine remain.
Speaking to Reuters Daiju Aoki, from UBS Securities, said: “The markets are waiting for more news about the virus, so it is difficult for investors to short equities.
“These expectations can keep equities going for another few weeks, but there are still questions about the effectiveness of a vaccine and about U.S. fiscal policy.
“We could see a correction early next year.”
On Monday Pfizer and BioNTech announced preliminary results indicating a vaccine they are producing can prevent 90 percent of people from catching coronavirus.
The two companies are hoping to receive emergency approval so they can begin administering the vaccine by the end of November.
However it is likely to be well into next year before the vaccine becomes available on scale worldwide.
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6.46am update: Coronavirus to hit 2020 Wall Street bonuses
Wall Street workers should expect lower bonuses this year due to the COVID-19 pandemic according to compensation firm Johnson Associates Inc.
The company predicts retail and commercial bankers will see their year-end incentive pay fall by between 25-30 percent.
Johnson Associates Inc managing director Alan Johnson said: “The pandemic is wreaking havoc on many parts of the U.S. economy this year, and the financial services industry is no exception.”