The Dow Jones Industrials hit a record high on Thursday, as economically sensitive stocks rose after an upbeat weekly jobless claims report, while vaccine makers fell as President Joe Biden backed plans to waive patents on COVID-19 shots. Shares in Pfizer Inc, Moderna Inc, Johnson & Johnson and Novavax Inc, all involved in the making of COVID-19 vaccines, fell between 0.2% and 1.7%. The declines were triggered after the White House said Biden made the decision to back a proposed waiver for COVID-19 vaccine intellectual property rights. The S&P 500 healthcare sector slipped 0.8%, while the Nasdaq biotechnology index dropped 1.2%. Moderna's shares cut some losses after it said countries around the globe would continue buying its COVID-19 vaccine for years even if patents on the shots are waived.

Source: Mint May 06, 2021 16:58 UTC