European markets and U.S. futures soared Monday on the announcement by Pfizer and its partner, BioNTech, that their candidate COVID-19 vaccine has proved much more effective than they hoped.
The pharma firms revealed preliminary results from the third and final phase of the vaccine’s trials, which are still ongoing, showing it prevented more than 90% of infections in participants. That’s way above the 60-70% range Pfizer and BioNTech expected to see.
The effect on the markets was giddying. Many of the sectors hardest hit by the pandemic—airlines, energy and financials, to name a few—rocketed higher. Crude prices took off, too. The stay-at-home stocks, meanwhile, cratered, as did gold.
In Europe, currently in the throes of a devastating second wave of the coronavirus pandemic, the Stoxx 600 shot up by 5%, and France’s CAC 40 by more than 7%. Germany’s DAX rose around 6%, and London’s FTSE 100 by more than … Read More