The Vaccine News Is Good. Here’s the Bad News.

The Vaccine News Is Good. Here’s the Bad News.

Even if the coronavirus treatment works as advertised, there are plenty of reasons to worry about how much good it can do.

What a difference an election makes. Stock markets all over the world are soaring, both because Joe Biden has been elected the 46th president of the United States, immediately establishing a prestige-packed COVID-19 task force, and because the New York-based pharmaceutical giant Pfizer announced that its candidate SARS-CoV-2 vaccine is 90 percent effective in blocking infection with the coronavirus. A sense of hope has imbued financial markets.

“The results are really quite good, I mean extraordinary,” pronounced Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases.

Minutes after New York stock markets opened Monday morning, nearly every index soared to historic heights, with the Dow gaining nearly 3 percent by the end of the day. Pfizer stocks surged 7.7 percent, and its German vaccine partner, BioNTech, got a 13.9 percent boost.