Bob Seidenschwarz Comments on Stock Market’s Vaccine Rally
Bob Seidenschwarz, financial counselor with S.G. Long and Company commented on Monday’s meteoric rise in the stock market due to Pfizer’s success with its COVID 19 vaccine, along the many other collaborating and competing companies.
“I believe you're going to continue to see these other drug companies, and the fact that they're not going to step aside because Pfizer now has a magic bullet,” said Seidenschwarz. “You'll see a collaborative as well as a continual effort to work on this because we're not just talking about here in the United States, but if this has the efficacy that we hope this could be a vaccine along with partners that has a global impact.”
This is great news,” he said “There's no question that what we've all been waiting for is the hope that a vaccine will be available within the next several months.
Seidenschwarz said once the vaccine is perfected, it will have to be distributed worldwide.
“The amount of vaccine that will be required is going to be, of course, you know, in the hundreds of millions of doses," he said. “And then of course, let's not forget, how do we distribute it? What the infrastructure that exists for getting this out into the public? And then the question that we've been kind of discussing for months now is will people take it once it actually is available?”
Seidenschwarz said Pfizer’s development is a good start in solving the worldwide pandemic.
“This is great news,” he said “There's no question that what we've all been waiting for is the hope that a vaccine will be available within the next several months. “We all want the same thing, the economy, to open back up and for life to get back to some degree of normality. Most importantly, we want to save our family members, our friends, our community, and help the people that have been helping us, our health care workers, first responders, and many others.”
The Dow Jones Industrial average was up over 800 points as of 1:00 p.m. on Monday, after futures trading were up over 1,600 earlier in the day.