Stocks Close at Records After Positive Moderna Vaccine Results

 

Health experts say having a vaccine is just one front in a two-front battle against Covid-19. The other is effective treatments for those who are already sick with the disease. WSJ breaks down the three most promising types in development.

The Dow’s rise was driven by a rally among economically sensitive companies, including Boeing and Chevron , both of which surged more than 7%. Those jumps also helped the S&P 500 to a second consecutive record close, with the benchmark index gaining 41.76 points, or 1.2% to 3626.91.

Monday’s moves came after Moderna said its experimental vaccine was 94.5% effective at protecting people from Covid-19 in an early look at pivotal study results, making it the second vaccine to hit a key milestone. Last week, Pfizer and partner BioNTech said its vaccine showed in an early analysis to be more than 90% effective.

Gains were wide-ranging. Shares of banks, retailers, oil companies and travel stocks rallied, while several mega-cap technology companies also climbed. That helped lift the Nasdaq Composite 94.84 points, or 0.8%, to 11924.13, its third-highest close in history.