PSEi may rally as Investors welcome Russia's COVID-19 vaccine

The Philippine Stock Exchange may rally this week as traders and investors welcome the positive development of the first COVID-19 vaccine from Russia.

PSEi closed at 5,953.94 up 23.02 points or 0.39 percent, Tuesday.

President Vladimir Putin said that Russia had become the first country in the world to grant regulatory approval to a COVID-19 vaccine after less than two months of human testing, a move hailed by Moscow as evidence of its scientific prowess.

Dow Jones futures surged as much as 300 points early Tuesday on coronavirus vaccine news, while S&P 500 futures and Nasdaq futures were also higher, after Russian President Vladimir Putin claimed that Russia has developed the first coronavirus vaccine. Nio stock jumped more than 11% on earnings.

Among the Dow Jones stocks, Apple (AAPL) jumped 1.5% on a pair of price-target hikes. Meanwhile, Walt Disney (DIS) and Nike (NKE) are in new buy zones after recent breakouts. Nike was Monday's IBD Stock Of The Day.

Source: Peso Economics