Vaccine News Has Markets Going 'Bananas'

Dow is poised to jump 5% after Pfizer announcement
By Newser Editors,  Newser Staff
Posted Nov 9, 2020 6:53 AM CST
Vaccine News Has Markets Going 'Bananas'
This photo provided by the New York Stock Exchange shows specialists Jay Woods, left, and Thomas McArdle on the trading floor, Friday, Nov. 6. 2020.   (Nicole Pereira/New York Stock Exchange via AP)

(Newser) – The stock market had been poised for a decent jump on Monday, with Dow futures up 400 points in the early morning. Then came Pfizer's big news that its vaccine in late-stage trials appears to be 90% effective in preventing COVID infections. That sent futures absolutely soaring, and the Dow is now poised to rise 1,500 points at the opening bell—a surge of more than 5%, reports MarketWatch. The benchmark S&P 500 was on track to rise 3.5%, notes the Wall Street Journal.

Markets around the world were similarly going "bananas," per a tweet from CNBC reporter Carl Quintanilla, which includes a snapshot of the numbers. The Pfizer results are preliminary, but a quote at CNBC sums up the sentiment on Wall Street, at least for now: "Amazing news from Pfizer with 90% efficacy," writes Peter Boockvar of Bleakley Advisory Group. "This hopefully is the beginning of the end of our fight" against COVID. (Read more stock market stories.)

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