The Dow Jones industrial average spiked a whopping 1,600 points Monday morning -- about 5.6 percent, reaching an all-time high -- following Saturday's projection that Joe Biden will be the next president , and Monday morning's announcement by Pfizer and BioNTech that its COVID-19 vaccine is more than 90 percent effective. announcement that its vaccine.
The S&P 500 also reached a record, hitting 3.7%.
Investors welcomed the spike in Wall Street numbers.
“Amazing news from Pfizer with 90% efficacy. This hopefully is the beginning of the end of our fight against Covid,” Peter Boockvar, chief investment officer at Bleakley Advisory Group, told CNBC.
Wayne Wicker, chief investment officer at Vantagepoint Funds told the Washington Post, "I think the 90% success rate in trials is on the high end of street expectations given the 40-60% success for seasonal flu vaccines. This is going to give a real boost to a broader range of stocks beyond technology as shown by the outsized gains in the Dow premarket. With greater clarity on both political and health issues, this should provide additional momentum in the short run."
