The possibility that Pfizer's COVID-19 vaccine candidate qualifies as a breakthrough is generating optimism that the economy could rebound swiftly in 2021 and beyond.
While Pfizer's vaccine still has multiple hurdles to surmount before it receives regulatory approval, hopes are rising for the airline industry, hotels, restaurants and retailers.
For effectively any business that has historically been done in person, optimism is surging. That could translate into job growth for millions of Americans who have lost their positions during the coronavirus pandemic.
Investors appeared positively giddy on Monday, driving the Dow Jones Industrial Average up more than 1,550 points, or about 5.4%, and bolstering the S&P 500 Index by 3.8%.
"This is the news we've all been waiting for," Craig Erlam, a senior market analyst at OANDA, wrote Monday morning in a research note. "This is the light at the end of the tunnel moment and just look at the reaction in the markets. One of incredible relief."
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