The stock market saw a positive surge due to vaccine developments and potential bailouts.
This morning, trading kicked off with a significant increase in the Dow Jones Industrial Average by 2.9%, equivalent to almost 700 points. The S&P 500 and Nasdaq also rose by 2.4% and 1.8% respectively. These gains are encouraging for a market that has been struggling recently amidst the uncertainties of the COVID-19 crisis. One of the key factors driving this surge is the progress made in vaccine research.
Modern biotech company Moderna revealed promising outcomes from their early human trials of a COVID-19 vaccine. In a study with 45 participants divided into groups receiving different doses of the experimental vaccine, positive results were observed. After two doses over 43 days, participants in the 25 microgram group exhibited antibody levels similar to those who had recovered from COVID-19. Meanwhile, the 100 microgram group showed even higher antibody levels, surpassing those found in recovered patients. Notably, eight participants, evenly split between the 25 and 100 microgram groups, produced neutralizing antibodies capable of combatting COVID-19. Although it is still early data, this progress led to a 30% increase in Moderna’s stock value following the announcement.
Federal Reserve Chairman Jerome Powell’s suggestion of additional economic support during the ongoing pandemic also played a significant role in the market’s positive movement today.
