The stock market danced a happy dance on Monday on news of an actual President-Elect and very encouraging results for a Covid vaccine. The Dow jumped nearly 1300 points and the S&P 500 grew by 2.7%.
Pfizer announced that its vaccine has been shown to be over 90% effective in protecting people against Covid and is on track to have a version ready for submission by the end of the month.
Travel stocks surged on this news, including Carnival Cruises, which seems a bit premature. Just because there may be a vaccine does not necessarily mean the cruise industry is going to rebound at the drop of a hat, but hey, we’re all thinking big about a post-Covid world!
Meanwhile over at the White House in waiting
President-Elect Biden announced his Covid task force and called for national mask-wearing, hand washing, and equal distribution of the vaccine when it is ready. He also called for it to be free for all Americans.
Despite the Biden team getting to work, the General Services Administration (GSA) has refused to work with his team, withholding assistance, access to important officials, and funding. The head of the agency said that they have not yet determined that “a winner is clear.” The Biden team is considering legal action in order to get what it needs.