Wall Street followed world equity indices to record levels and crude prices surged on Monday, as promising developments towards a coronavirus vaccine and the prospect of improved trade relations under president-elect Joe Biden gave a jolt to investor risk appetite. All major US stock indices touched all-time highs and crude prices jumped more than 10%. Pfizer said its Covid-19 vaccine, developed with German partner BioNTech SE, was more than 90% effective in preventing infection, marking the first successful data from a large-scale clinical trial. “The vaccine is really driving markets,” said Chris Zaccarelli, chief investment officer at Independent Adviser Alliance in Charlotte, North Carolina. “Most of the moves in stocks, bonds and commodities are related to the light at the end of the tunnel for the Covid-19 situation.”
Published in The Express Tribune, November 10th, 2020.
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