Pharmaceutical stocks helped Wall Street start the new trading week with growth
Pharmaceutical industry sector rose in almost 5%.
Johnson & Johnson shares rose the most, 8% more compared to Friday. Investors reacted on the U.S. administrative to financially support Johnson & Johnson capacities in their progress on SARS-2-Cov virus vaccine, a virus causing Covid-19. Moreover, Abbott Laboratories shares added up 6,4%, as the company has been recently approved by US authorities to test Covid-19 virus.
Furthermore, tech companies shares rose in 4% in average. On Monday, Microsoft experienced highest growth, when its market value grew in 7%. Such a progress supported a growth of whole S&P 500 index.
The U.S. shares were mostly affected by stimulus package offered by the Fed. Thanks to the package, the America’s Central Bank should invest around $2 trillion to American economy, which is a record high amount. Money will be allocated to businesses as well as households.