Global markets surge on Pfizer "90 percent effective" vaccine hopes

Global stocks have rocketed on news that Pfizer's COVID19 vaccine could be 90 percent effective. 

The euphoria saw the Dow Jones Industrial Average surge more than 5 percent at one point with big gains for travel stocks, oil producers and banks. 

But ABC's Peter Ryan says even in the best case scenario of the vaccine working, there'll be no economic snapback until the health crisis gets under control.

I also speak with Thomas Oriti on ABC NewsRadio