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All of a sudden it is announced that a vaccine is available for COVID during a pandemic and the S&P 500 gains 10% immediately

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All of a sudden it is announced that a vaccine is available for COVID during a pandemic and the S&P 500 gains 10% immediately. The next day it is suddenly announced that the vaccine only works for 2 days immunity and the S&P 500 falls by 9.8%. Your friend shakes their head and says “wow, the stock market is really irrational why do you bother studying money and banking?” Is your friend correct? Explain.