Friends
I am sure by now you have heard the news that Pfizer’s early stage 3 Covid-19 vaccine results came in much better than expected. With an efficacy rate of near 90% this is very exciting news. Moderna, who uses a similar technology to develop their vaccine, is likely to announce similar results in the next week or two. Obviously, the stock market is very receptive to the news on vaccines. Yes, it will be some time before there is wide availability (likely next Spring before most have access) of these vaccines, but this news is what the stock market had been hoping for, some might say predicting. All in all, this is a very good day, not only for the U. S. but for the world.
Stocks that would benefit from normalization are up big this morning, including airlines, leisure and hospitality, cruise lines and even energy and financials.
We’ll let you know how the day plays out after the close this afternoon.
