- Pfizer has announced that its coronavirus vaccine is 90 per cent effective
- Global stock markets endured a day of madness
Pfizer’s (US: PFE) announcement of a vaccine breakthrough lit a fuse beneath the global stock markets, which shot higher on the news.
In London, the down-and-out FTSE all share ended the day up 5 per cent, driven by huge share price gains in the companies for whom coronavirus has had the biggest impact: airlines, retailers and cinemas, amongst other cyclical sectors. The reaction of the S&P 500 was more muted – hardly surprising considering the index has been an apparent beneficiary of the pandemic and continues to hit all time highs. Indeed, many of the companies whose operations and shares have enjoyed outsized demand in 2020 – Microsoft (US: MSFT), Amazon (US: AMZN) and Apple (US: AAPL), for example – suffered knocks on the back of Pfizer’s announcement.