The Dow hit a record high on Monday after Moderna became the second U.S. company in a week to report positive results from its COVID-19 vaccine trial, raising hopes of a quicker economic recovery from a pandemic-led recession. Moderna Inc soared 7.7% as it said its experimental vaccine was 94.5% effective in preventing COVID-19 based on interim data from a late-stage trial. "We won't get a true impact from this until the vaccine is manufactured and distributed widely, which probably won't happen until Q1 next year." The S&P energy sector jumped 5.4%, while financial stocks were at their highest in eight months. The S&P 500 posted 35 new 52-week highs and no new low, while the Nasdaq Composite recorded 202 new highs and 11 new lows.

Source: Mint November 16, 2020 14:58 UTC