BREAKING: Dow Cuts Gains as Pfizer Halves Vaccine Rollout Target on Supply Chain Woes
Photo: Reuters
Investing.com - The Dow pared gains into the close on Thursday even as Pfizer halved the number of Covid-19 vaccine doses it plans to ship out this year, denting investor optimism on a faster return to normal for global economies.
The Dow Jones Industrial Average rose 0.29%, or 86 points, ending the day below the key 30,000 level.
The S&P 500 closed flat, while the Nasdaq Composite added 0.23%.
Pfizer said it expects to ship half the doses of its Covid-19 vaccine, developed in partnership with BioNTech SE, as raw materials used in early production of the vaccine were not up to standard, the Wall Street Journal reported, citing unknown sources. Pfizer ended nearly 2% lower.
The company said it expects to ship about 50 million doses this year, cooling hopes of a sooner rather than later vaccine widespread rollout that is needed to reopen economies worldwide.
The negative vaccine news offset a rise in major dow component Boeing, up about 6%, after Ryanair placed an order for 75 additional 737 MAX airplanes, increasing its order book to 210 jets.
The Federal Aviation Authority ungrounded Boeing's 737 Max, which was involved in two fatal crashes. The road to redemption for Boeing 737 Max's will continue as other airlines have pledged to fly the jets again.
American Airlines Group said it will fly the Max jets at the end of the year. Southwest Airlines will fly the planes in the second quarter.
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