WASHINGTON—Wall Street rallied early this week after a second coronavirus vaccine candidate showed promise. While the U.S. economy is still in a “deep hole” as the country heads into the winter with an increase in COVID cases, a wide distribution of a vaccine in 2021 would boost economic and labor market recovery, economists say.
The Massachusetts-based biotech firm Moderna Inc. announced on Nov. 16 that a preliminary analysis indicated its coronavirus vaccine was 94.5 percent effective. On Nov. 9, Pfizer with its German partner BioNTech said its vaccine candidate was 90 percent effective against the virus.
