Dow Jumps More Than 5% on Positive Vaccine News
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.