Pfizer says they’re getting 90% success rate with their vaccine…..
U.S. stocks soared Monday, as promising coronavirus vaccine news and Joe Biden’s White House victory sent investors into a frenzy.
The Dow Jones industrial average spiked nearly 1,600 points, or 5.6 percent, at opening bell Monday after drug giant Pfizer and German biotechnology firm BioNTech announced that their vaccine candidatewas more than 90 percent effective, compared with a placebo. It is the strongest sign yet that the unprecedented effort, breaking every scientific speed record, to develop a vaccine was within sight.
“I think the 90% success rate in trials is on the high end of street expectations given the 40-60% success for seasonal flu vaccines,” Wayne Wicker, chief investment officer at Vantagepoint Funds, said in an email to The Post. “This is going to give a real boost to a broader range of stocks beyond technology as shown by the outsized gains in the Dow premarket. With greater clarity on both political and health issues, this should provide additional momentum in the short run.”
Biden applauded Pfizer’s breakthrough in a statement Monday, but warned that the end of the battle against Covid-19 is still months away. “Today’s news does not change this urgent reality,” Biden said. “Americans will have to rely on masking, distancing, contact tracing, hand washing and other measures to keep themselves safe well into next year.”…