Dow Jones and Other Financial Markets Surge after Viable Vaccine Announced, and Biden Wins

By Yehudit Garmaise

      The Dow Jones Industrial Average has made a substantial 4.45% jump this morning after Pfizer and Biontech announced that they have developed a coronavirus vaccine that is more then 90% effective.

  Other financial markets showing increases this morning are the S&P 500, which increased by 3.25%, the Nasdaq, which is up by 1.62%, and Crude Oil, which is showing a 10.29% surge upwards.

   “The strong increases in stock prices this morning likely reflect investor optimism about both the vaccine news and the U.S. election,” says a frum professor of finance at the Anderson School of Management at UCLA. “A successful vaccine raises hopes for a quicker return to pre-COVID levels of economic activity.

   “The resolution of the U.S. presidential election reduces political uncertainty. Some investors may also have been pleased by a Biden victory.”

  “Today is a great day for science and humanity,” Pfizer CEO Albert Bourla said in a statement. “With today’s news, we are a significant step closer to providing people around the world with a much-needed breakthrough to help bring an end to this global crisis.

  Pfizer and Biontech said today that although 94 of the trial’s 43,538 participants contracted COVID-19, an analysis showed that the vaccine was more than 90% effective seven days after patients received the second of two doses. In other words, patients were protected from COVID-19 28 days after starting the vaccination course.