With Covid resurging around the world, Pfizer and German partner BioNTech had some great news today. The companies announced their coronavirus vaccine was >90% effective in preventing Covid-19 among people without prior infection. Scientists had been targeting a vaccine that was 75% effective, so the early results are very promising. (Dr. Anthony Fauci has said even a 50-60% efficacy rate could be acceptable). Pfizer board member and ex-FDA commissioner, Dr. Scott Gottlieb that a vaccine could be be available for limited use by Dec and wide distribution by fall 2021.
Markets were ecstatic, the S&P 500 was up nearly 4% mid-day. Financials, energy and transport stocks were the biggest winners, while Technology was the relative underperformer.
The US has been driving new cases in recent weeks, with the 7-day MA of new cases exceeding 110k. More than 240k people in the US have died from Covid-19.
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