Was this the beginning of the end or the end of the beginning?
Investors evidently sensed the former after the stunning news early Monday morning that the Covid-19 vaccine developed by Pfizer (ticker: PFE) and its partner BioNTech (BNTX) showed an extraordinary 90% effectiveness. They responded with a record influx of dollars into equity funds, driving the broad stock market indexes higher and pushing the Dow Jones Industrial Average to an intraday record Wednesday.
The…
