US stocks resume climb as investors cheer COVID-19 vaccine progress - Business Insider

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Pfizer and BioNTech announced their vaccine is 95% effective against COVID-19. The firms aim to apply for emergency-use authorization "within days."
US stocks climbed on Wednesday after Pfizer and BioNTech revealed positive final-analysis data on their coronavirus vaccine.

The companies' candidate was 95% effective at protecting against COVID-19 in trial patients, Pfizer said Wednesday. The firms plan to apply for emergency-use authorization "within days."

The news lifted major indexes and spurred investors to push more cash into small-caps and cyclical stocks.

Boeing surged after the Federal Aviation Authority approved its 737 Max model for flight after a 20-month grounding.

Watch major indexes update live here.

US equities gained on Wednesday as final analysis of Pfizer and BioNTech's coronavirus vaccine revived hopes for near-term distribution.

The companies' experimental drug was 95% effective at protecting trial participants against COVID-19, Pfizer announced Wednesday morning. The firms aim to apply for emergency-use authorization in the US "within days." While the Food and Drug Administration's vetting process is set to take weeks, the historically quick vaccine development suggests vulnerable populations could receive the shot in early 2021.

The market's vaccine-fueled rally kicked off on November 9, when Pfizer revealed early data on its vaccine candidate. The news spurred a mass exodus from growth stocks to value names and cyclicals. Though equities dipped from…
Ben Winck
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