Markets hit record highs on 2nd vaccine hope
In a repeat of last week, global markets market hit record highs on Monday once again, as news of another promising coronavirus vaccine bolstered hopes of eradicating the disease, despite spiking infections and new shutdowns threatening to hobble a recovery from the pandemic.
Moderna Inc said its experimental COVID-19 vaccine was 94.5% effective in preventing infection based on interim late-stage data. It was the second drugmaker in as many weeks, to announce promising trial data in the development of a vaccine to defeat the pandemic.
Last week drug companies Pfizer and BioNTech said their COVID-19 vaccine was proving to be 90 per cent effective in preventing COVID-19 in previously uninfected patients.
Combined, pending further data and regulatory review, the companies could have as many as 60 million emergency doses available this year.
However, there are still plenty of near-term headwinds for investors, such as global cases rampaging throughout the US and Europe, prompting more lockdowns and restrictions. Coupled with continued uncertainty around fiscal stimulus, events in the White House, and speculative timeframes before any vaccine could begin to be distributed.
With these factors in mind, investors are faced with the tough choice facing the next few months looking bleak, or focusing the period after that’s likely to be much better.