Craig: Pfizer announcement led to sell-off of ‘stay-at-home’ stocks

Posted on November 12, 2020
Sean Craig is a financial advisor with Investment Planners in Bloomington. (WJBC file photo)

 

By Neil Doyle

BLOOMINGTON – COVID-19 rates are rising across the country, but there was some good news earlier this week regarding a vaccine, and a local financial advisor tells us how that affected the stock market.

Pfizer announced that its trial coronavirus vaccine is more than 90% effective. Sean Craig, with Investment Planners in Bloomington, says that led people to sell-off the “stay-at-home” stocks.

“Stocks that went up huge on Monday were movie theaters, airlines, cruise ships, people thought when this vaccine comes out these stocks will take off,” he told WJBC’s Marc Strauss. “The stocks that sold-off were mostly in the Nasdaq, things like Peloton and Zoom, all the stocks for people to stay at home.”

Meanwhile, Federal Reserve Chairman Jerome Powell said he worries about the long-term impacts from the coronavirus pandemic.

Neil Doyle can be reached at [email protected]

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