By Aditya Raghunath
GossipMantri.com – After Pfizer (NYSE 🙂 announced that its clinical trials had a success rate of over 90% on November 9, the last 24 hours have seen stock markets around the world advance. The 3% gain yesterday, as did other major global indices including the (+ 1.6%) and (1.36%) which closed at record highs.
Is this exuberance justified? While it’s good news that the trials were successful, it will be some time before the vaccine can be rolled out across the world. The second wave of the pandemic has already hit Europe. The UK, France, Poland and Spain have imposed very strict lockdowns. Hungary has also announced a new round of lockdowns and the number of cases in the United States continues to rise.
President Donald Trump has not met with members of the coronavirus task force for months. At first glance, he’s in no mood to give in to President-elect Joe Biden and will challenge the election results. This effectively puts on hold any plans Biden has to fight the virus. New York City Mayor Bill de Blasio said a second wave was on the agenda as the rate of positive tests crossed 2%.
Gold prices which fell more than 3% after Pfizer’s announcement rebounded 0.93% today, proving people still like the metal as a hedge against market volatility.