BREAKING: Pfizer announces vaccine has 90% effectiveness rate

BREAKING: Pfizer announces vaccine has 90% effectiveness rate

Pharmaceutical giant Pfizer has just announced that its late-stage COVID-19 vaccine trial has a "90% effectiveness rate," putting the company on track to request emergency FDA approval by the end of the month.

Already, the results are being celebrated as heralding a potential end to the pandemic which has wracked the world's economies and left millions dead. 

Investors reacted to the early-Monday news, driving the Dow Jones Industrial Average up more than 1,550 points, or about 5.4%, and bolstering the S&P 500 Index by 3.8%.

Pfizer CEO Albert Bourla was ebullient in an interview Monday on CNBC, stating "I believe this is likely the most significant medical advance in the last hundred years."

Despite the elation from many business owners and economic movers at the news, New York Governor Andrew Cuomo responded to the announcement with trepidation, seemingly upset that the potential vaccination plan could be brought in by the Trump administration.

The good news is the Pfizer tests look good and we’ll have a vaccine shortly. The bad news is that it’s about two months before Joe Biden takes over and that means this administration is going to be implementing a vaccine plan,” Cuomo told ABC’s George Stephanopoulos on Good Morning America. “The Trump Administration is rolling out the vaccination plan and I believe it’s flawed. I believe it learns nothing from the past.”