Washington, Nov. 17, (dpa/GNA) – The Dow Jones Industrial Average, a key US stock market index, hit an all-time record high on Monday, after positive news on a coronavirus vaccine raised hopes that the pandemic may come to an end within months.
The Dow was up 470 points to close at 29,950, as it neared the symbolic 30,000 mark. The Down was up 1.6 per cent, while the broader S&P 500 was higher by 1.16 per cent. Small cap stocks also rallied. The tech-heavy Nasdaq gained 0.8 per cent.
Shares in technology firms have been out-performers during the pandemic, and there is now a sign of a rotation into value stocks and companies that have been beaten down because of the outbreak, such as cruise lines and real estate.
US pharmaceutical firm Moderna reported early analysis that suggests its coronavirus vaccine is 94.5-per-cent effective.
Last week, drugmakers Pfizer and BioNTech said their jointly developed vaccine is 90-per-cent effective in preventing Covid-19.
The Moderna doses would require less complicated refrigeration, making the roll out potentially easier.
Moderna’s stock gained nearly 10 per cent during Monday’s trading session.
GNA