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Stocks surge on Wall Street on vaccine news, US election

Financial Markets Wall Street
Posted at 8:02 AM, Nov 09, 2020
and last updated 2020-11-09 10:02:11-05

NEW YORK — The Dow Jones Industrial Average surged 1,500 points, or 5.4%, in early trading Monday and the S&P 500 jumped 3.7% after drugmaker Pfizer said early data show its coronavirus vaccine looks highly effective.

That added to investor relief that the U.S. presidential election was finally decided over the weekend.

Global markets were also moving sharply hihger. Pfizer's preliminary data suggests the company is on track to file an emergency application with regulators this month.

A vaccine is still not likely much before the end of the year.

In other bullish signals, Treasury yields snapped higher and the price of crude oil soared 10%.