On Monday, Pfizer and BioNTech announced that their COVID-19 vaccine is 90% effective, calling it “a great day for science and humanity.”
The announcement came as medical experts, such as Dr. Anthony Fauci, have said a vaccine that is 50-60% effective will be “acceptable,” however, Pfizer’s announcement is a positive development, especially since the vaccine appears to be on President Donald Trump’s timeline of being finished by the end of the year.
“Based on current projections, Pfizer and BioNTech expect to produce up to 50 million vaccine doses in 2020, and up to 1.3 billion doses in 2021,” CNBC noted.
“Futures on the Dow Jones Industrial Average surged 1,500 points, or 5.2%, implying an opening gain of more than 1,400 points. S&P 500 futures jumped 3.4%,” they added.
President Trump lauded the stock market’s pre-market gains, writing on Twitter, “STOCK MARKET UP BIG, VACCINE COMING SOON. REPORT 90% EFFECTIVE. SUCH GREAT NEWS!”