News from Moderna Inc. that its COVID-19 vaccine candidate tested over 90 per cent effective sent its stock soaring Monday.
Before the markets opened Monday, Moderna announced results from its phase three trials showing its COVID-19 vaccine to be 94.5 percent effective at preventing infection.
When the stock markets in the U.S. opened Monday, Moderna stock rose 8.2 per cent.
The Dow Jones Industrial Average added 389 points and reached an intraday record. The S&P 500 rose 0.9% and the Nasdaq Composite climbed 0.7%.
A noticeable change was to those stocks that stand to benefit the most from the economy reopening. Notably, Carnival traded 10.2% higher and United Airlines was up 5.3%.
Moderna’s vaccine, created with the U.S National Institutes of Health, is being studied in 30,000 volunteers.
A week ago, competitor Pfizer announced its own vaccine was more than 90 percent effective.