The markets are flying on a Monday morning as all news appears to be good news.
Over the weekend, Joe Biden was declared President-Elect, providing a level of certainty to the markets.
This morning, Pfizer Inc. (NYSE: PFE) and partner BioNTech announced its vaccine candidate was 90% effective against the COVID-19 virus.
Markets reacted strongly, with both the S&P 500 and the Dow Jones index opening at all-time record-high levels. Investors are pricing a return to normal soon.
Travel-related stocks and oil have been beaten down hard since the pandemic swept across the globe and the world shut down.
Oil is up about 10% after news of the vaccine broke.
Pfizer’s press release was related to its phase 3 trials. Phase 3 is the largest and most comprehensive trial. The FDA will evaluate the results of the trial and could approve the vaccine for widespread use.
The tech-heavy Nasdaq lagged behind the S&P 500 and the Dow. It’s been bouncing between 1% gains and flat. It did not make new record highs today.
The Dow gains as much as 1,700 points in the premarket. At writing it’s up about 1,100 points or 4%.
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