Markets Gone ‘Rogue’ on Vaccine News Face Tough Questions
- Promising Pfizer Covid-19 shot still has hurdles to clear
- Global stock rally spurred by release of trial data cools
This article is for subscribers only.
After a frenzy of vaccine optimism lifted global stocks to a record and sent havens into a tailspin, some strategists said the moves may have gone too far and that tough questions remain unanswered.
News that the inoculation developed by Pfizer Inc. and BioNTech SE was more than 90% effective in preventing Covid-19 infections sparked a flood of bets Monday on stocks such as cruise operators and airlines that have struggled during the pandemic. Refuges such as Treasuries, gold and the yen slumped.