Just as their initial dose of vaccine bullishness appeared to be waning, the markets go another injection of good news this Monday. One-upping BioNTech and Pfizer (NYSE:PFE), Moderna took the vaccine baton and ran with it, claiming its preparation is nearly ‘95% effective’ after a trial involving 30,000 Americans.
As with Pfizer, there is still a ways to go before Moderna’s vaccine is approved. However, investors were only thinking about the long-term, the pinprick of light at the end of the dark, dank pandemic tunnel growing that bit brighter.
At one point the Dow Jones was trading above 30,000, echoing the intraday highs struck in the aftermath of the BioNTech/Pfizer update this time last week. It settled instead just above 29,875 following a 400 point surge, leaving it on track for a record close. Last Monday it was unable to do so, after promising it would all session; this afternoon, however, it is on slightly surer footing.
The FTSE was even stronger on a percentage basis, climbing 1.8% as it shot to 6,440. That’s its best price since the start of June. If it can add 80 or so points this week, it will hit a level last seen in early March.
The CAC was right there with the FTSE, jumping 1.8%, leaving it 10 points adrift of 5,500. In contrast, the DAX could only rise 0.6%, with the Bundesbank warning that Germany’s ‘economic performance could stagnate or even decline’ across the fourth quarter.
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