Drugmaker Pfizer releasing great news about its coronavirus vaccine.
Pfizer says its COVID-19 vaccine is proving more than 90-percent effective in late stage clinical trials.
The New York-based pharmaceutical giant and Germany’s BioNTech have been testing it on tens of thousands of volunteers and have found no serious safety concerns.
It’s given on a two-dose schedule with Pfizer saying protection against COVID is achieved 28 days after the first shot is given.
The company says it’ll seek emergency use authorization after the third week of November.
This great news is spurring a surge on Wall Street by as much as six-percent at the opening bell on news of a successful COVID-19 vaccine.
Dow futures jumped more than 16-hundred points which implies a major gain at today’s opening bell.
STOCK MARKET UP BIG, VACCINE COMING SOON. REPORT 90% EFFECTIVE. SUCH GREAT NEWS!
— Donald J. Trump (@realDonaldTrump) November 9, 2020
The huge expected rally comes on the first trading day since Joe Biden was declared the projected winner of the 2020 presidential election.
The vaccine is just in time as coronavirus infections are surging in 42 states. The nation reported more than 230-thousand new cases over the weekend.
Public health officials confirmed just under 106-thousand cases Sunday, the fifth day in a row that cases topped 100-thousand.
More than 128-thousand cases were reported Saturday, the most ever in one day.
New infections are increasing at the highest rate since the virus first hit this country in January, but they seem to be less deadly.
The U.S. has had more infections and deaths than any other nation, with around ten million cases and more than 237-thousand deaths.
Projected President-elect Joe Biden is moving forward with a nationwide mask mandate.