Dow Jumps More Than 5% on Positive Vaccine News

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Global equities soared on the positive news from Pfizer and BioNTech's vaccine candidate.

Global equities soared on the positive news from Pfizer and BioNTech's vaccine candidate, according to CNBC.

This morning, the companies announced that their vaccine candidate had a 90 percent efficacy rate in phase three clinical trials. COVID-19 has completely changed the world we live in and infected more than 51 million and killed more than 1.2 million.

By 9:30 on Monday morning, markets were surging. Cyclical stocks that saw profits decimated by the pandemic are the biggest beneficiaries of the positive vaccine news.

  • The Dow Jones Industrial Average opened 1,600 points higher to 29,925.96. This was a record high for the index and finally surpassed the intraday record of 29,568.57 from February 12.
  • The S&P 500 was up 3.7 percent at opening bell.
  • The Nasdaq Composite posted moderate gains of just 1.3 percent. Investors started to move out of work-from-home and tech stocks that have largely benefited from the pandemic.

There is a long day of trading left in this session, but these numbers are historic.

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