Monday witnessed the recovery of US stocks due to Moderna declaring the covid-19 vaccine as highly effective in experiments conducted recently. The Dow and the S&P achieved a record-breaking new height.
A red-letter day for Dow, it closed at 1.6% nearly 50 points below the 30,000 mark level. The S&P finished up at 1.2% and NASDAQ closed by an increase of 0.8%. Moderna shares rose to 9.6% as the company stated the Phase 3 trial result has proved to be very effective.
The positive breakthrough brings relief for the world during the pandemic and hope for economies that are struggling in their recovery from recession. Pfizer, in collaboration with BioNTech, had declared its vaccine as 90% effective and raised hopes in many for the end of difficult times.
The success of Moderna and Pfizer is pervading a sense of relief and hope for the end of troubled times. Vaccines seem to be the solution to the disease and two doses are recommended for quick recovery. Chief economist at Capital Economics Neil Shearing announced, “there is finally light at the end of the tunnel.”
Markets are inclined to see a better business with the vaccine breakthrough. Pfizer and Moderna have promised early delivery of 50 million vaccine doses by the end of this year and billions by early 2021.