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Pfizer, BioNTech announce their vaccine is 90% effective, markets react

By Dragon Tehrani | Nov 9, 2020

Stock markets have reacted very positively to this announcement, the coronavirus vaccine was more than 90% effective in preventing Covid-19 among those without evidence of prior infection, hailing the development as “a great day for science and humanity.”  The biggest benefactors to this news has been the travel and hotel industries, International Consolidated Airlines Group, which owns British Airways, Iberia, and Aer Lingus saw it stock jump as much as 40% this morning, it has come off, but it’s still up 25%. Stocks overall are up on average 4.5% so far, the Dow Industrials are at an all time high. Canadian stocks have followed suit, but have not in full unison, the TSX is up 2.7% versus the DJII.

The Canadian dollar has rallied to the USD and is trading in new territory, it has not traded at these levels since January of this year, expect further volatility, not sure how the shine will last on the vaccine news.

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