News that Pfizer and BioNTech had discovered a coronavirus vaccine that was more than 90% effective sent shockwaves through the market last week. News over the weekend that Moderna also had a highly effective vaccine nearing approval for distribution added more power to that shockwave. "Recovery stocks," including those in consumer discretionary, energy, and banking sectors soared, while tech stocks, especially the big coronavirus winners known as "stay-at-home" stocks, fell on the news.

The announcement signaled a fundamental shift in the market psychology that has defined the pandemic era, as it now seems clear that the pandemic will have a definitive end and one that could come as soon as April. Dr. Anthony Fauci, the Director of the National Institute of Allergy and Infectious Diseases, estimated that the vaccine could be widely available to Americans by April, with healthcare workers getting access as soon as December.

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