Stock markets have been rallying on hopes of a potential vaccine breakthrough. Earlier this week, Moderna announced that its experimental Covid-19 vaccine was 94.5% effective. The announcement echoed Pfizer’s update a week before that its vaccine was more than 90% effective against the virus. The positive vaccine news has cheered investors and sparked hopes of a major global economic recovery next year. For months, investors, businesses and politicians have viewed a successful vaccine as the most important catalyst in bringing about a sustained global recovery. Many other vaccine candidates are still in development, and the promising test results from Pfizer and Moderna suggest that vaccines could be key to fighting the coronavirus. Vaccine progress is now the major driver of stock market moves. All three major US stock indices advanced to record closing highs on Monday (Nov 16) after Moderna’s news, with the S&P 500 gaining 1.16% by the end of Monday’s session....