The markets are flying today 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 gained as much as 1,700 points in the premarket trading. At writing it’s up about 1,100 points or 4%.
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