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Biden begins transition plans as Trump refuses to concede

New York (CNN Business)US stocks surged Monday after Pfizer (PFE) said its Covid-19 vaccine is 90% effective and Joe Biden was projected to be the winner of the presidential election over the weekend.

The Dow (INDU) climbed as many as 1,610 points in the morning before paring some of its gains. The index was up 1,310 points, or 4.6%, in the early afternoon.
At this rate, the Dow is on pace for one of its best days of the year and one of its biggest daily point gains in history. The index is also on track to surpass its February all-time closing high -- and it has already set a new intraday record high.
The broader S&P 500 (SPX) was up 2.8% in the early afternoon. It's also on track for a record high, as well as its best day since May.
Given the momentum in the stock market, JPMorgan (JPM) expects the S&P to move past the previous target of 3,600 points by the end of the year -- and that it will climb to 4,000 points in early 2021. The index could even move to around 4,500 points by the end of next year.
"The strong results from the Pfizer vaccine were better than most expected and means we could be opening back up sooner than expected," said Ryan Detrick, chief market strategist for LPL Financial, in emailed comments.
Along with an economy that will continue to recovery, this could make for a much better 2021.
The Nasdaq Composite (COMP) was up only 0.2% in the early afternoon, but the tech-heavy index is lagging behind as many tech stocks that benefited during stay-at-home orders went into reverse. The Nasdaq is still below its September record, but it's not far off.
Pfizer vaccine news
Pfizer's much-better-than-expected vaccine efficacy announcement, albeit an early breakthrough, is just what Wall Street had been hoping for. The coronavirus pandemic has caused historic economic turmoil across the globe, and cases are surging to new records every day. That threatens to tip the scales and send the US economy heading in the wrong direction once again.
Although the vaccine is not set to be widely administered soon, Pfizer said it plans to seek emergency use authorization from the US Food and Drug Administration soon after volunteers have been monitored for two months following their second dose of the vaccine.
The drugmaker's CEO Albert Bourla said Monday that the company expects to have 1.3 billion doses of the vaccine globally next year, on top of 50 million doses this year. Two separate production lines, one in the United States and one in Europe, will make the vaccine.
Pfizer's stock surged some 14% at the opening bell but backed off a bit, with shares up 10% in the early afternoon.
The vaccine news was good for pharmaceutical stocks, including Dow components Merck (MRK) and Johnson & Johnson (JNJ), both of which were higher before the bell.
But the positive sentiment helped industries battered by the pandemic as well: Cruise lines, including Norwegian (NCLH) and Carnival (CCL) shot higher, and airline stocks soared, too.
Oil, which had been plunging as the economy took a turn for the worse, fared better Monday morning. US oil prices were up more than 10%.
On the other end of the spectrum, stocks that benefited from the stay-at-home work culture since the spring -- such as Zoom (ZM), Amazon (AMZN) and Netflix (NFLX) -- tumbled.
Monday's rally led to broker outages on the high volume of trading. TD Ameritrade (AMTD) and Fidelity both addressed the outages on Twitter with messages linking their tech issues to the heavy volumes, while Charles Schwab (SCHW) acknowledged the outage.
Betting on Biden
Even before Pfizer's vaccine news, stock futures had been pointing to a higher open. With the uncertainty surrounding last week's US presidential election mostly in the rearview mirror, investors have been focusing on the positive effects of a Biden presidency: The first reaction to Biden's official projection as the winner over the weekend was a positive one.
The market also rallied last week, as the market predicted Joe Biden to win the contest.
Investors are hoping that a Democratic White House paired with a Republican Senate will lead to more moderate policy -- and lesser increases in taxes and regulation -- while still getting a new stimulus deal on the table quickly.
Although President Donald Trump continues his legal fight and unsubstantiated claims of election fraud — and the fate of the Senate remains up in the air — Wall Street was pleased that a great deal of uncertainty is out of the way.
-- CNN Health's Nadia Kounang contributed to this report
he people of this nation have spoken.

They have delivered us a clear victory. A convincing victory.

A victory for “We the People.”

We have won with the most votes ever cast for a presidential ticket in the history of this nation — 74 million.

I am humbled by the trust and confidence you have placed in me.

I pledge to be a President who seeks not to divide, but to unify.

Who doesn’t see Red and Blue states, but a United States.

And who will work with all my heart to win the confidence of the whole people.

For that is what America is about: The people.

And that is what our Administration will be about.

I sought this office to restore the soul of America.

To rebuild the backbone of the nation — the middle class.

To make America respected around the world again and to unite us here at home.

It is the honor of my lifetime that so many millions of Americans have voted for this vision.

And now the work of making this vision real is the task of our time.

As I said many times before, I’m Jill’s husband.

I would not be here without the love and tireless support of Jill, Hunter, Ashley, all of our grandchildren and their spouses, and all our family.

They are my heart.

Jill’s a mom — a military mom — and an educator.

She has dedicated her life to education, but teaching isn’t just what she does — it’s who she is.

For America’s educators, this is a great day: You’re going to have one of your own in the White House, and Jill is going to make a great First Lady.

And I will be honored to be serving with a fantastic vice president — Kamala Harris — who will make history as the first woman, first Black woman, first woman of South Asian descent, and first daughter of immigrants ever elected to national office in this country.

It’s long overdue, and we’re reminded tonight of all those who fought so hard for so many years to make this happen. But once again, America has bent the arc of the moral universe towards justice.

Kamala, Doug — like it or not — you’re family. You’ve become honorary Bidens and there’s no way out.

To all those who volunteered, worked the polls in the middle of this pandemic, local election officials — you deserve a special thanks from this nation.

To my campaign team, and all the volunteers, to all those who gave so much of themselves to make this moment possible, I owe you everything.

And to all those who supported us: I am proud of the campaign we built and ran. I am proud of the coalition we put together, the broadest and most diverse in history.

Democrats, Republicans and Independents.

Progressives, moderates and conservatives.

Young and old.

Urban, suburban and rural.

Gay, straight, transgender.

White. Latino. Asian. Native American.

And especially for those moments when this campaign was at its lowest — the African American community stood up again for me. They always have my back, and I’ll have yours.

I said from the outset I wanted a campaign that represented America, and I think we did that. Now that’s what I want the administration to look like.

And to those who voted for President Trump, I understand your disappointment tonight.

I’ve lost a couple of elections myself.

But now, let’s give each other a chance.

It’s time to put away the harsh rhetoric.

To lower the temperature.

To see each other again.

To listen to each other again.

To make progress, we must stop treating our opponents as our enemy.

We are not enemies. We are Americans.

The Bible tells us that to everything there is a season — a time to build, a time to reap, a time to sow. And a time to heal.

This is the time to heal in America.

Now that the campaign is over — what is the people’s will? What is our mandate?

I believe it is this: Americans have called on us to marshal the forces of decency and the forces of fairness. To marshal the forces of science and the forces of hope in the great battles of our time.

The battle to control the virus.

The battle to build prosperity.

Biden begins transition plans as Trump refuses to concede