A wave of euphoria surged through global financial markets Monday after a study showed a vaccine developed by Pfizer Inc. and BioNTech SE protects most people from Covid-19.

Investors stampeded out of haven assets like the yen and Treasuries and rushed into securities most exposed to an economic recovery. The outsized moves reflected pent up hope that a return to normal lies in the not-so-distant future, even as experts cautioned the road to a vaccine will not be a short one.

“Trading the beginning of a pandemic, in some ways, is easier than trading a vaccine to address the virus,” said Jim Vogel of FHN Financial. “The next story chapters are obscure and harder to time. For the first day of the news, the reaction in the bond market looks appropriate, while equities appear slightly ahead of themselves.”

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