The U.S. passed a significant milestone in the fight against the Coronavirus. After Pfizer released positive news regarding its COVID-19 vaccine stocks soared. The world has been waiting for a vaccine to fight against the virus which has infected nearly 50 million people, as multiple companies have raced to be the first to produce a vaccine.
Dow futures were up nearly 1,700 points, a gain of over 6%. The S&P 500 also rose by 4.5% in early trade, while the tech-heavy Nasdaq Composite ran up 1%.
The gains will likely drive the U.S. averages closer to reclaiming record levels.
Traders are reacting positively to the news that Pfizer and BioNTech’s COVID-19 vaccine proved to be 90% effective in the first 94 patients it was tested on. Shares moved higher in the pre-market. While Moderna, also working on a vaccine, drifted lower.
“Today is a great day for science and humanity. The first set of results from our Phase 3 COVID-19 vaccine trial provides the initial evidence of our vaccine’s ability to prevent COVID-19,” said Pfizer CEO and Chairman Dr. Albert Bourla, in a statement. “We are reaching this critical milestone in our vaccine development program at a time when the world needs it most with infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen. 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 health crisis.”
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