The stock market moved higher again on Monday morning, building on gains from Friday. Good news from Pfizer (NYSE:PFE) was encouraging to the broader market, as it inspired investors to believe they might be one step closer to the end of the COVID-19 pandemic. As of 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES:^DJI) was up 253 points to 35,373. The S&P 500 (SNPINDEX:^GSPC) gained 39 points to 4,480, and the Nasdaq Composite (NASDAQINDEX:^IXIC) picked up 187 points to 14,902.
Pfizer’s stock was among the best performers in the Dow on a percentage basis thanks to a couple of news items that lifted its share price. Nevertheless, Pfizer’s gains were minimal compared to the boosts in the other companies involved with the drugmaker. Below, we’ll look at what good news for Pfizer meant for BioNTech (NASDAQ:BNTX) and Trillium Therapeutics (NASDAQ:TRIL).
Full approval for the Pfizer/BioNTech vaccine
Pfizer’s big news was that the U.S. Food and Drug Administration fully approved the COVID-19 vaccine it developed with BioNTech. Shares of BioNTech surged higher by more than 10% on Monday morning in the wake of the news.