Markets got two shots of vaccine news on Wednesday, turning a strong session into a bit of a belter.
With Moderna (NASDAQ:MRNA) reporting overnight that it had seen a ‘robust’ immune response from all 45 of the patients in its early huge trial, investors already had a reason to ignore the ongoing re-lockdowns and accelerating numbers of covid-19 cases around the globe.
Robert Peston then gave the markets an extra boost as he tweeted that the AstraZeneca-backed Oxford vaccine group would be releasing a positive update on its trials, potentially as soon as tomorrow.
Opting for long-term hope over near-term reality, Europe effectively doubled its gains in the aftermath of Peston’s dispatch. The FTSE returned to 6300 for the first time in over a week as it rose 2.2% – remarkable considering the barrage of pessimism that initially greeted Tuesday’s GDP reading.
The DAX added 2%, forcing its way back above 12900, while the CAC led the pack with a 2.6% surge, shooting past 5100.
The Dow Jones, already up 550 points by the end of Tuesday thanks to a better than expected set of Q2 figures from JP Morgan (NYSE:JPM), is chasing a 450 point open. That’d put the US index at a 5-week peak of 27100, leaving it around 500 point off of early June’s highs.
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