Although the vaccine did not soon become widely available, Pfizer said it plans to get emergency approval from the U.S. Food and Drug Administration as soon as the volunteers are follow up for two months after second dose of vaccine.
Drug maker Albert Bourla chief executive officer Albert Bourla said on Monday that the company expects to have 1.3 billion doses of vaccine globally next year, up to 50 million this year. Two separate production lines, one in the United States and one in Europe, will produce vaccines.
The vaccine news is good for pharmaceutical stocks, including ingredients Dow Merck and Johnson & Johnson, both higher than before the alarm bells.
Oil, which was plunging as the economy got worse, got better on Monday morning. US oil prices have risen more than 10%.
Bet on Biden
Even before news of Pfizer’s vaccine came on, stock futures indicated a higher open. With the uncertainty surrounding last week’s US presidential election mostly appearing in the rearview mirror, investors are focusing on the positive effects of Biden’s presidency: First response to Biden’s official prediction as a winner over the weekend was a positive response.
The market also rallied last week, when the market predicted Joe Biden would win the competition.
Investors are hoping that the Democratic White House combined with the Republican Senate will result in a more dovish policy – and less tax and regulation hikes – while still quickly reaching a deal. New stimulation on the table.
Though President Donald Trump continues his legal battle and unfounded statements about electoral fraud – and the Senate’s fate is still in the air – Wall Street is pleased that a lot of things are not definitely happened.
CNN Health’s Nadia Kounang contributed to this report