The Dow Jones Industrial Average rallied 250 points Monday morning as the Pfizer Bio-N-Tech COVID-19 vaccine received official approval from the Food and Drug Administration.
Regulators had hoped to finish the process by last Friday, but were still working through negotiations with Pfizer and behind on paperwork, the New York Times reported on Sunday.
While speculation built throughout the weekend, the FDA granted its historic approval of the vaccine as of this morning, sending the market surging in anticipation of new mandates and a pathway to full economic reopening. The approval makes the two-dose Pfizer vaccine the first approved vaccine by the FDA for the prevention of COVID-19. This comes nine months after the product was granted Emergency Use Authorization for patients over 16 years old.
Rheumatology Network states that the newest FDA decisions comes while new cases of COVID-19 have reached their highest in the U.S. this year, and vaccination rates have plateaued. A full FDA approval, they state, may help improve public health efforts geared toward curbing the highly transmissible Delta variant of the virus.
Businesses all over the county have been waiting for the news, as well. Among them, cruise liner shares soared, with Carnival Corp (CCL) up 3.57%, Norwegian Cruise Line Holdings Ltd (NCLH) up 4.13% and Royal Caribbean Cruises Ltd (RCL) climbing 2.47%. In comparison, the S&P’s morning trading was up nearly 1% at the time of this article. These companies have required their staff and guests on most of their cruises to be vaccinated, but now with full FDA approval, could require the shot on all future voyages.
Full FDA approval could also push other travel companies like airlines to mandate their staff to get vaccinated. Although there is currently no mandate, Forbes reports that 6 in 10 Americans support a vaccine mandate to fly.
In addition, Bitcoin pushed above $50,000 for the first time in three months. Tesla gained as well, adding another 3% in the morning’s trading session.
More From GOBankingRates
Last updated: August 23, 2021
This article originally appeared on GOBankingRates.com: Vaccine Update: Pfizer FDA Approval Leads to Dow Jones and Cruise Liner Stock Rally