Good news on COVID-19 vaccine boosts market sentiment
Amid overall negative sentiment, markets grasp at any chance to resume growth and immediately react to any positive news. That is why the latest news about the coronavirus vaccine fueled a rally in oil and stock prices. This time, investors had a valid reason for optimism as the two pharmaceutical giants, BioNTech and Pfizer, have developed a new vaccine against coronavirus. The statement from such reputable companies sounds rather encouraging. William Gruber, Pfizer's senior vice president of vaccine clinical research and development, stressed that the vaccine news was crucial for the United States and for the whole world. The drug showed remarkable results during the medical trial and proved to be 90% effective based on the analysis of more than 10,000 participants. The new vaccine is of great importance to the US since the country has strict requirements for medical trials and prefers the vaccine from local producers rather than from foreign ones. Meanwhile, the stocks of BioNTech and Pfizer have soared by 11% and 7% respectively after the trial of the COVID-19 vaccine turned out to be successful. Currently, the pharma companies are waiting for regulatory approval before launching mass vaccine production.