Pfizer's Covid vaccine effectiveness claims inject hope, lift global stocks

Firms hit hardest by restrictions made most gains, with airlines trading 30% higher

Stocks surged around the world and bonds tumbled after a large-scale coronavirus vaccine study delivered the most-promising results in the battle against the worst pandemic in a century.

Equities came off session highs after Mayor Bill de Blasio said New York City is coming “dangerously close” to a second wave of the coronavirus. 

Still, more than 85 per cent of S&P 500 companies climbed on Monday as the gauge jumped to a record on news that the Covid-19 shot being developed by Pfizer and BioNTech prevented more than 90 per cent of infections. 

The S&P 500 and the Dow hit record highs on