Stock market soars after vaccine news

Markets are up as Moderna announces new vaccine data.
3:11 | 11/16/20

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Transcript for Stock market soars after vaccine news
The pandemic has left millions of Americans out of work and eight months after the US won in a locked I think we still struggling to rebound. As has corona virus cases surge right across the country some for more on the economy and this pandemic we're joined by ABC news business and economics correspondent due to Bolton. -- president trumps chatting recent gains in the stock market you know he loves to do that so how is this wrenching news affecting the markets today. Well I did speak with the one strategist Terry museum is our only and ease your national and -- -- investors are singularly. Focused on this vaccine used more now on of course last week we had similar encouraging news from size there should sue if you want acquitted him broad economic terms I think most people that I speak with say listen the virus is the economy the economy is a virus so Cheney kind of steps towards progress towards a vaccine that is so important for the underpinning. Of our economic activity even if you look at the Wayne that stocks are reacting a lot of the companies that have been so hard hit these past eight months. Are really in rallying. On this encouraging vaccine news so anything to do with trauma all her towels and leisure hospitality each these are all the groups that are really been punished. And they are seeing so much optimism in their sock graces but Terry you alluded to this in the US economy especially the labor force a workforce she is still very much on the ropes there are. 21 million Americans that are teaching some form unemployment insurance what's even more troubling than not even though that's cystic is troubling in of itself is that the number of Americans sure are on the dash so long term on employees six months or more that number is increasing exponentially. Every month carrying. And and then that's alarming now after all these months of the damage from the pandemic we can see it walking down that did the streets of our neighborhoods right we all can't. In the stock market is publicly traded companies what about all the companies that stores and shops the restaurants that we should boarded up the we see struggling right now. What what's their future like Cusick. Well their future is of course a links to these developments that we are talking about in the vaccine but it is also linked to legislation and what kind of stimulus package Kimi passed you heard the Fed Chairman for example all. Gerontology Powell saying we need to do more EC team from the point in effect of course and congress needs you more so when I reach out to different investors this is really you piece of the puzzle that is missing there are a lot of hearts of that shares act which will expire at the end of this year there's a lot of concern about what that means for average Americans and -- your readers a lot of concern as to what this means for small business and is some estimates show that one in six small businesses. Has already closed these past eight minds. And it's very unclear which ones will be able to reopen at some point one in six is a pretty higher percentage Terry. It surely is in there really impacts our neighborhoods and our life together. Theater Bolton thanks very much and it should.

This transcript has been automatically generated and may not be 100% accurate.

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