CHATTANOOGA, Tennessee- As news of a potential COVID-19 vaccine comes out, Wall Street soared.
“It helps you avoid the short term swings, the roller coaster ride, and it produces superior long-term returns as it has for 90 years,” said Barnett and Company VP Chris Hopkins.
There’s news of a potential COVID-19 vaccine from Pfizer. Reports said it could be up to 90% effective.
“If that’s true, that’s as effective as the chickenpox vaccine I mean that’s astounding we were thinking maybe 60% it was surprisingly good news. So that obviously was a very positive stimulus for the Stock market to open bag this morning and we are were up quite a lot this morning,” said Hopkins.
With the news, Wall Street broke new records, as the S&P and Dow Jones, both hit record highs on 11/09/20.
“Instead of the stay stocks, it’s the play stocks that are doing well. Cruise lines are up 30% this morning. We’re seeing indications of optimism that the economy is going to begin to recover and regain from here going forward,” said Hopkins.
Hopkins explained this market jump is only partially justified.
“Not in the short term no. You always have to be cautious and if you’re a long-term investor. You don’t make any decisions based on the short term move. I think the optimism is justified, the magnitude of the jump not so much, because let’s face it we’re in the middle of a record ramp up in cases right now,” said Hopkins.
He wants to remind investors the market will continue to go up and down but, historically goes up over the long term.