Stocks were soaring in intraday trading on Monday, Nov. 9.
This came as Pfizer announced that its vaccine candidate had a 90% efficacy in late-stage trials.
Albert Bourla, Pfizer's CEO, said the vaccine's success could be the most significant medical advance the world has seen in the past 100 years.
Pfizer said it saw no serious safety concerns from its ongoing trial, the only major study not linked to the U.S. government's 'Operation Warp Speed' program, and expects to have as many as 1.3 billion doses produced next year if and when the drug is ultimately approved by regulators. In the interim, Pfizer said it would seek Emergency Use Authorization from the U.S. Food & Drug Administration in late November.
Jim Cramer weighed in on the markets in the video above.