announced Monday that their experimental coronavirus vaccine was found to be more than 90% effective at preventing COVID-19 in a late-stage trial. The companies now plan to apply for emergency use authorization with the US Food and Drug Administration to expedite the rollout of their vaccine. The announcement suggests a breakthrough in the race to find a viable vaccine and spurred hope on Wall Street that the pandemic might be contained sooner than previously expected.
Whether it could arrive soon enough to avoid additional economic damage is a different story. The US reached 10 million COVID-19 cases on Monday as infection rates spiked across the country. The Federal Reserve said in a Monday report that an inability to contain the outbreak
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