Is the Commonwealth Bank (ASX:CBA) share price in the buy zone? // Motley Fool Australia

The Commonwealth Bank of Australia (ASX: CBA) share price has been a positive performer this week.

Since the end of last week, the banking giant’s shares have charged 7% higher to $74.40.

Why is the Commonwealth Bank share price charging higher?

Investors have been buying Commonwealth Bank’s shares for a couple of reasons this week.

The first is of course the COVID-19 vaccine news which has put a rocket under the S&P/ASX 200 Index (ASX: XJO).

The prospect of the pandemic ending sooner than expected has sparked optimism that the economic impact may not be as bad as feared.

In addition to this, the release of a better than expected first quarter update and a sharp reduction in COVID-19 loan deferrals has given its shares a…