The drug company Moderna released reports that their new COVID-19 vaccine created in association with President Trump’s Operation Warp Speed is 94.5% effective. The promising reports caused a major spike in the stock market.
STOCK MARKET GETTING VERY CLOSE TO 30,000 ON NEW VACCINE NEWS. 95% EFFECTIVE!
— Donald J. Trump (@realDonaldTrump) November 16, 2020
The Dow Jones Industrial Average jumped about 320 points or 1%, while the S&P 500 rose 0.6% and the Nasdaq Composite rose 0.3% despite concerns that some large-cap tech companies could face headwinds.
Moderna shares jumped 8% putting other vaccine makers in the spotlight for investors again, after Pfizer and its German partner, BioNTech, announced that its coronavirus vaccine proved 90% effective in late-stage trials. Pfizer shares fell almost 4% on Monday, following a strong rally in the prior week.
Moderna’s CEO Stephane Bancel has been optimistic that the FDA could approve the new vaccine in the coming weeks or months.
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