Europe Markets

European markets close higher as vaccine cheer persists

Key Points
  • The pan-European Stoxx 600 closed up 1.1%, with utilities adding 2.6% to lead gains as most sectors and major bourses advanced.
  • European markets are following the positive trend seen earlier this week, after Pfizer and BioNTech's announcement that their Covid-19 vaccine was more than 90% effective in preventing the disease.

LONDON — European stocks closed higher Wednesday, continuing to climb as hopes rise over a forthcoming coronavirus vaccine.

The pan-European Stoxx 600 closed up 1.1%, with utilities adding 2.6% to lead gains as most sectors and major bourses advanced.

European markets are following the positive momentum seen earlier this week, after Pfizer and BioNTech's announcement that their Covid-19 vaccine was more than 90% effective in preventing the disease.

Meanwhile, Eli Lilly's antibody-drug was cleared by the Food and Drug Administration for emergency use late Monday. The agency said the drug could be used to treat mild-to-moderate cases of Covid-19 in patients who are older than 12-years-old.

On Wall Street, the S&P 500 and Nasdaq Composite were both higher Wednesday as traders added exposure to tech names hit hard earlier in the week.

Corporate earnings remain a key driver of individual share price action, with German IT house Bechtle jumping 12.6% in early trade on the back of strong third-quarter results.

Dutch bank ABN Amro fell 5.6% after beating profit expectations, but missing net interest income projections and offering cautious forward guidance.

- CNBC.com staff contributed to this market report.