News from U.S. drug company Moderna Inc. that its potential COVID-19 vaccine candidate has also been more than 90 per cent effective in clinical trials sent stock markets soaring on Monday, boosting hopes that the global economy may soon fully convalesce and things could get back to normal. Moderna announced before markets opened on Monday that its vaccine candidate appears to be 94.5 per cent effective, according to preliminary data from the company's ongoing Phase 3 clinical trial of 30,000 volunteers. The news sent Moderna stock soaring eight per cent when stock markets opened on Monday, but it was also a badly needed shot in the arm for the stock market overall. Shares in oil company Suncor gained about five per cent to $19.13, their highest level in a month. "I do think the more powerful force is the positive one, the vaccine," he said in an interview with CBC News.

Source: CBC News November 16, 2020 15:20 UTC