Vaccine R & D stimulates Market Optimism, Dow Soars 911 Points
The Dow Jones Industrial Average rose 911.95 points or 3.85% to close at 24,597.37 points. The S & P 500 index rose 90.21 points or 3.15% to close at 2953.91 points. The Nasdaq Composite Index rose 220.27 points or 2.44% to close at 9234.83 points. Both the Dow and the STI recorded their biggest single-day gains since April and August, and the Nasdaq was the best trend since April 29. Shi Zhiyi closed at the highest point since March 6.
After Moderna announced that the first phase of the potential coronavirus vaccine showed “positive” signs, the company’s stock price soared 19.96%. The company said that after two doses of treatment, all 45 trial participants produced new coronavirus antibodies.
Christian Fromhertz, CEO of Tribeca Trade Group, said: “The message from Moderna has lowered the unknowns in the market.” “Therefore, there has been a reflective surge reaction for all those stocks that have fallen sharply.” He called these stocks “inaction.”
He said, “I think this is what it will look like in the future.” “The closer the nation’s restart, the more benefits these” inactions “will have, and some of the” swelled “profit-taking trends will become more obvious. ”
Disney’s stock price rose 7.19%, while MGM Resorts rose 10.54%. Cruise operator Carnival rose 15.36%. Both Delta Air Lines and United Airlines shares have risen by more than 13%. Stocks that benefited from home avoidance, such as Netflix, fell slightly.
Bank stocks rose across the board. Wells Fargo jumped 8.68%, while Bank of America and Citigroup both rose more than 6.9%. JPMorgan Chase (JPMorgan Chase) rose 5.3%.