Pfizer vaccine hopes aid world stocks; US dollar, gold on the defensive

Global shares rose on Friday while the dollar was on the defensive, after drugmaker Pfizer Inc <PFE.N> said it may apply for a US emergency use of its Covid-19 vaccine in November, assuaging market fears that a resurgent pandemic may scuttle a fragile economic recovery.

As the global race to develop a coronavirus vaccine heats up, financial markets have tracked every twist and turn, hoping a successful deployment would hoist the world economy into a sustained rebound after a harrowing shutdown in the spring.

Even though financial markets are susceptible to the frequent successes and setbacks that come with vaccine development, analysts say some investors are now looking past the near-term turbulence to focus on a likelier turnaround in 2021.

The S&P 500 <.SPX> was up 21 points, or 0.6%, at 3,504.84, while the Dow Jones Industrial Average <.DJI> jumped 235 points, or 0.8%, to 28,730.13. The Nasdaq Composite <.IXIC> climbed 84 points, or 0.7%, to 11,797.96.

Shares of US drugmaker Pfizer added 2.4%.