Pfizer, Biontech vaccine news spurs gains
Stock markets surged on some extremely positive news from Pfizer and Biontech, who say their vaccine is 90% effective in phase 3 clinical trials.
From tracking just under 6,000 all morning the FTSE 100 rallied over 100 points on the news, whilst e-minis went up 70 points or so.
The Dow is now seen up 1,300 points – coming on top of the wave of relief from Joe Biden’s victory it’s proving a spicy cocktail for stocks.
I won’t lay with lots of comment about the trials as I am no vaccine expert, all I can say is this is a good news day. Whilst we are not there yet, news that this vaccine could be highly effective is the best thing markets could hope for.
Public health officials will remind us there is a long road ahead, and many challenges will be faced along the way, but there is an enormous sense of optimism today – light at the end of the tunnel. Let’s just hope the vaccine deniers won’t get in the way, but 2021 just got a lot brighter.
E-mini futures – spot when the vaccine news broke