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Inventories started the shortened Thanksgiving week up sharply after another drugmaker reported positive results for its coronavirus vaccine.
The Dow Jones Industrial Average rose more than 300 points, a gain of 1%. The high-tech S&P 500 and Nasdaq Composite rose 0.8% and 0.7% respectively.
European indices also rose sharply, with the STOXX Europe 600 index advancing 0.1% and the German DAX 0.6%. The other major indices, the CAC-40 in France and the FTSE 100 in the United Kingdom, saw similar increases.
DOW DROPS 219 POINTS WHEN STOCKS END THE WEEK LITTLE CHANGED
PROGRESS OF COVID-19
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| AZN | API ASTRAZENECA | 53.72 | -1.58 | -2.86% |
| PFEBNTX | n / A | n / A | n / A | n / A |
| RNAm | MODERNA INC. | 101.19 | +3.58 | + 3.67% |
British drug maker AstraZeneca has announced that the vaccine it is developing with the University of Oxford can be up to 90% effective in late stage trials.
The rate of effectiveness can vary between 62% and 90%, depending on the dosage. This is the third vaccine, behind that of Pfizer and its partner, BioNTech and Moderna, to show strong efficacy results in phase 3 trials.
AstraZeneca shares edged down on Monday despite the good news.
The news comes after Johns Hopkins University announced on Saturday that the United States had surpassed 12 million cases of the coronavirus, the worst-affected country in the world.
SNAP GOES AFTER TIK-TOK
Snap announced the launch of Spotlight, an entertainment platform for user-generated content, similar to TikTok.
Shares of Snap, led by CEO Evan Spiegel, rose more than 3% at the start of trading on Monday.
ECONOMIC REPORTS
The economic calendar is light on Monday, with a pair of reports showing the latest data for November, beating expectations.
Markit released the Manufacturing PMI and Services PMI reports, with readings at 56.7 and 57.7, respectively. Economists polled by Refinitiv were expecting readings of 53 and 55.
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West Texas Intermediate crude oil fell 8 cents to $ 41.74 a barrel. In other commodities, gold edged up to $ 1,862.10 an ounce.
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