Pfizer Shares Soar After COVID-19 Pill Announcement Amid U.S. Stock Market Surge

The S&P 500 index recorded another all-time high on Friday, achieving a week of strong gains following a robust U.S. jobs report and positive data regarding Pfizer's experimental COVID-19 pills. The Labor Department's report indicated that U.S. employment rates increased more than expected in October as headwinds from rising COVID-19 cases during the summer receded. Pfizer halted its experimental COVID-19 pill trial early after the drug was found to reduce the chances of hospitalization or death for adults at high risk of severe COVID-19 symptoms by 89%, leading to a surge in Pfizer's stock. According to preliminary data, the S&P 500 rose by 16.34 points or 0.35% to close at 4,696.40 points, while the Nasdaq composite increased by 26.72 points or 0.17% to 15,967.02 points. The Dow Jones Industrial Average also climbed by 197.25 points or 0.55% to 36,321.48 points.