Fundstrat's Tom Lee says Monday's rally is just a 'baby step,' market could go 10% higher

Tom Lee, Fundstrat Global Advisors
Scott Mlyn | CNBC

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Fundstrat's Tom Lee said Monday's sharp rally on Wall Street was just the opening chapter of what could be an even larger run before year end.

Stocks soared on Monday after Pfizer announced that preliminary data showed its vaccine candidate was more 90% effective in preventing Covid-19, fueling a rapid rise in some of the most beaten-down stocks. Lee said on CNBC's "Halftime Report" that investors were shifting into bets on strong economic growth.