Pfizer stock surged higher Monday prior to the opening of Wall Street trading after the company announced its vaccine is "90 percent effective" against Covid-19 infections.

The news cheered markets worldwide, especially as coronavirus cases are spiking, forcing millions of people back into lockdown.

Pfizer shares jumped 15 percent around 1355 GMT after Pfizer and BioNTech announced Monday morning that ongoing Phase 3 trials showed the success of the vaccine, in the last stage before it can seek approval from authorities to distribute the preventative.

Other pharmaceutical firms also pushed higher, including Merck which gained 5.5 percent.

And the good news, after other vaccine and treatment trials have been halted, fueled global stock markets gains.

Futures trading point to a 6 percent rise for the Dow, and a 4 percent increase in the broader S&P 500.

According to preliminary findings, protection in patients was achieved seven days after the second of two doses, 28 days after the first.

The companies said they expect to supply up to 50 million vaccine doses globally in 2020, and up to 1.3 billion doses in 2021.

"The first set of results from our Phase 3 Covid-19 vaccine trial provides the initial evidence of our vaccine's ability to prevent Covid-19," Pfizer chairman and CEO Albert Bourla said in a statement. 

US President Donald Trump, who lost last week's election in part over his administration's response to the pandemic, hailed the announcement as "such great news," while President-elect Joe Biden said it gives "hope" -- but warned a long battle is still ahead.