Markets rose on Wednesday.
The S&P 500 rose 0.8 percent, the STOXX Europe 600 rose 1.1 percent and the Nikkei 225 rose 1.8 percent.
While the latest rally in stocks was sparked by Pfizer and BioNTech’s announcement that their COVID-19 vaccine was more than 90 effective, Carl Tannenbaum, chief economist at Northern Trust, cautioned that the vaccine will not result in an “instant stimulus” to the US economy.
“On the employment front, we still have 10 million Americans that were working in January that are not working today. And those that remain unemployed are seeing a much longer track back to full employment, so they will continue to need a certain amount of support,” said Tannenbaum.
Indeed, CNBC’s Jim Cramer remains concerned about COVID-19.
“I think this market’s being very cavalier about the fact that we’re running at more than 130,000 new cases per day,” he said.
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