Stocks in the U.S. surged in response to the new president, coupled with the announcement from Pfizer and BioNTech, saying that their coronavirus vaccine is more than 90% effective. Dow Jones made an all-time high at 29,933.83 points.
On Monday, November 9, 2020, Dow Jones Industrial Average rose to an all-time high at 29,933.83 points, increased 1,610.43 points or 5.68%. Meanwhile, S&P 500 also made a huge jump by more than 3% and Nasdaq by 1.25%.
The surge in U.S. stock market came on the first trading day after it was clear during the weekend that the Democrat Joe Biden has won the title of the 46th president of the United State of America, beating the incumbent Donald Trump by a large margin.
Moreover, Pfizer and BioNTech made a report early in the morning, saying that their coronavirus vaccine is more than 90% effective. Dr. Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases, even said that the drug with 50%-60% effective would be acceptable.