11/10/2020

The COVID-19 Vaccine's Positive Impacts Will Arrive Before It Does

Spending paused because of uncertainty now has some answers

On Monday, Pfizer and its German partner BioNTech shook markets with the most positive news yet on a potential vaccine for COVID-19. Before the market open, the companies announced their mRNA-based COVID vaccine candidate has indicated an efficacy ratio north of 90 percent.

“Today is a great day for science and humanity,” said Pfizer CEO Dr. Albert Bourla said of the results. Meanwhile, Dr. Anthony Fauci called the results "extraordinary."

Following this news, markets soared with the Dow and S&P hitting intraday record highs before fading a bit into the close. The Dow’s close at 29,157 was still the index’s highest close since Feb. 20, 2020.

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