Pfizer announced yesterday that its coronavirus vaccine is 90% effective based on early data. This level of efficacy exceeded the hopes of experts, and set an optimistic tone in the US stock markets.
So far, 51,259,780 coronavirus cases have been reported globally, including a death toll of 1,269,571. The United States leads in the number of infections, with 10,422,026 reported cases and a death toll of 244,449. The U.S. is followed by India, Brazil, and France, whose number of reported cases stands at 1,807,47.
"We are reaching this critical milestone in our vaccine development program at a time when the world needs it most with infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen," said Pfizer's chairman and chief executive.
Hopes for an end to the pandemic are now soaring, pushing up global stocks and driving down stocks of companies that have been favored by the pandemic, such as Zoom and food delivery companies. Pfizer's announcement was also welcomed by the European stock markets and boosted Asian shares.
US stock markets closed mixed yesterday. The Dow Jones Industrial Average gained 2.95 percent during the session, hitting the 29,157.97 level, followed by the S&P 500 which went up by 1.17 percent, closing the session at the 3,550.50 level. The NYSE Composite, which advanced by 2.97 percent, closed at the 13,611.65 level. The NASDAQ 100 went down by 2.16 percent during the session, closing at the 11,830.39 level.
The political situation in the United States remains uncertain. Despite the media networks' decision to call the presidential election for Democratic Candidate Joe Biden, who is leading in some key states, President Trump is bringing legal challenges in Georgia, Wisconsin, Pennsylvania, and Nevada, claiming alleged voter fraud. The Republican Party is hoping to prevent Pennsylvania state officials from certifying the state's election results before a thorough voter fraud investigation can take place.