World stock markets soared today on hopes of a coronavirus vaccine following successful trials by pharmaceutical company, Pfizer.

Already up strongly on Joe Biden's US election win, markets accelerated gains after Pfizer and BioNTech said their vaccine was 90% effective in preventing Covid-19 infections.

The Paris CAC closed 7.6% higher on the Pfizer news, while shares in Frankfurt soared 5.1% and the London market rallied 4.6%.

Following today's shot in the arm, the ISEQ Index of Irish shares was trading 3% below where it was before it plummeted in February when Covid-19 began to spread in Europe.

It gained as much as 5% in earlier trade and closed 2.6% higher this evening. Shares in Ryanair jumped over 14%, while Dalata Hotel Group soared 30.3%.

The banks also made strong gains with Bank of Ireland gaining 15.5% while AIB climbed over 15.8% higher.

On Wall Street, the Dow Jones jumped 4.8%, while the Nasdaq Composite gained 0.02% by 6pm. 

Earlier, global stocks rallied as oil prices rose after Joe Biden was declared winner of the US election at the weekend, lifting a major source of uncertainty.

Traders are now hoping that US politicians will now focus on passing a new stimulus for the world's biggest economy.

While Donald Trump has yet to concede and has launched several legal challenges, it is widely accepted that Biden will become the 46th president, removing a crucial hurdle for equity traders this year. 

Observers said the focus will now be on Biden's economic and foreign policy approach, with optimism for a less tumultuous leadership following four years of the bombastic real estate tycoon.

Tokyo stocks surged more than 2% to end at a 29-year high this morning after Joe Biden was elected the next US president in a close contest that eventually delivered the outcome investors expected. 

The benchmark Nikkei 225 index gained 2.12% to end at 24,840 and the Nikkei is now sitting at levels not seen since 1991.

Analysts said that investor sentiment was greatly improved due to receded US political risks. 

The gains came after the US market ended the best week since April, although Friday's Wall Street session was lukewarm as vote-counting was still ongoing.

Markets in Hong Kong, Shanghai, Sydney, Singapore, Seoul, Wellington, Mumbai and Taipei were all up more than 1%. Bangkok also added more than 2%. 

Traders are now looking to Capitol Hill hoping for a fresh rescue package for the economy after lawmakers failed to hammer out anything despite months of haggling, though any new plan will not likely be as big as what would be expected from a Democrat-led Congress.