Dow Jones Up By 5% on Heels of US Election Results, Vaccine Trial News

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While the official results of the US presidential election are not out yet, a number of world leaders and politicians have already congratulated Democratic candidate Joe Biden on victory in the 2020 US election.

The New York Stock Exchange (NYSE) opened its doors on Monday, 9 November for the first time since Democratic candidate Joe Biden announced his victory in this year's presidential elections.

Shortly after the exchange opened, stock markets rose following Pfizer’s report that its coronavirus vaccine is effective and amid uncertainty over the presidential election.

The Dow Jones Industrial Average, the broadest stock indicator on the New York Stock Exchange, was up 4.6 percent at 29,638 by 9:49 a.m. ET (14:49 GMT).

The S&P 500, a barometer for the top 500 US stocks on the NYSE, rose 3.6 percent to 3,635.

The Nasdaq Composite Index, which counts on the performance of US tech stock giants such as Facebook, Apple, Amazon, Netflix and Google, gained 1.2 percent to 12,043.

Pfizer announced on Monday that a COVID-19 vaccine candidate it developed jointly with BioNTech SE proved more than 90 percent effective in the latest trials.

Pfizer also said it expected to produce up to 50 million doses of its vaccine in 2020 and up to 1.3 billion in 2021.

Biden declared victory over incumbent President Donald Trump on Saturday after several US media outlets called the states of Pennsylvania and Nevada for him, giving him more than the 270 Electoral College votes needed to win the race. 

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