Buoyed by Pfizer's promising update on a potential COVID-19 vaccine and Saturday's presidential election call, U.S. markets skyrocketed on Monday morning as investors eyed the light at the end of the pandemic tunnel.
The Dow Jones Industrial Average jumped more than 1,300 points in the moments after trading opened, an increase of about 5%. The NASDAQ saw an increase of about 150 points, or about 1%, while the S&P 500 jumped 120 points or about 3%.
The Dow closed Monday at 29,157, which is up nearly 3% from Friday's close. The Dow has almost made a full recovery from its February 12 high point of 29,551.
The jump came hours after Pfizer announced that is COVID-19 vaccine candidate has been 90% effective so far in promoting protection against the virus in Phase 3 trials. While the announcement does not mean a vaccine is imminent — in fact, it could be more than six months before most Americans will have a chance to get the vaccine — it does mean Pfizer is on track to apply for Emergency Usa Authorization in the coming months.
Pfizer's stock exploded in early trading Monday, jumping about 3 points or an increase of 8%.
Monday continues what has been a roller coaster 2020 for American markets. After the pandemic led to historic drops in February and March, markets have rallied in recent months and erased most of those losses. Monday's gains have so fae wiped out loses from October, which were caused by Congress' decision not to pursue more COVID-19 stimulus before the end of the current legislative term.
