U.S. stocks reversed higher and gained for a third day Wednesday after Pfizer and BioNTech said thfree doses of their vaccine are effective at neutralizing the omicron variant.
The Dow Jones Industrial Average gained 72 points, while the S&P 500 was up 0.1% and the Nasdaq Composite rose 0.02%.
Pfizer and BioNTech cited their own preliminary lab tests, saying the booster dose provides similar protection as two doses did against the older strain. The companies said two doses may still protect against severe disease. Pfizer shares were 1% higher, and BioNTech shares gained 3%.
Travel-related stocks, which have pushed higher all week as investors bet on the economic reopening, continued their move higher in early morning trading. American Airlines, Royal Caribbean, Marriott and Expedia each rose about 1%.
Apple shares climbed 0.5% despite a report that the iPhone maker is expected to fall 15 million units short of its 230 million-unit goal this year due to supply chain problems.
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