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Financials Up On Vaccine Hopes -- Financials Roundup

11/23/2020 | 05:26pm EST

Shares of banks and other lenders and money managers rose as investors bet a slew of positive vaccine updates foreshadowed a global solution to the Covid-19 pandemic.

AstraZeneca's vaccine candidate proved as much as 90% effective in the latest update from a clinical trial, a development that boosted the value of the British pound sterling as the U.K.-based company's domestic supply deals.

President-elect Joe Biden plans to nominate former Federal Reserve Chairwoman Janet Yellen, an economist at the forefront of policy-making for three decades, to become the next Treasury secretary.

Shares of brokerage Morgan Stanley, whose wealth-management business will benefit from the surge in the stock market as more investors are drawn to the market, rallied to their highest level since 2007, before the onset of the mortgage crisis.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

11-23-20 1725ET

Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRITISH POUND (EUR/GBP) -0.14% 0.88407 Delayed Quote.-0.60%
MORGAN STANLEY -1.62% 71.21 Delayed Quote.3.91%
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