Dow rises close to 300 points as hope for COVID vaccines bolsters buying mood, despite growing hospitalizations
U.S. stock indexes rose premature Monday to kick off a holiday-shortened week, as a constant flow of changes on advancement toward highly effective coronavirus vaccines and treatments created a possible palisade against COVID-19.
U.S. markets will be closed on Thursday for Thanksgiving & volumes through the week will likely be thinner than normal.
Just how are big benchmarks performing?
The Dow Jones Industrial Average DJIA, 0.92 % rose 282 areas, or perhaps one %, to 29,546.
S&P 500 index SPX, 0.75 % climbed 31 points, or maybe 0.9 %, to 3,588.
Nasdaq Composite Index COMP, 0.58 % rose 84 points to achieve 11,939, a gain of 0.7%
On Friday, stock indexes finished the week mostly lower:
The Dow booked a 0.7 % loss
The S&P 500 completed by using a weekly decline of 0.8%
The Nasdaq Composite Index, however, gained 0.2%
What’s driving the market?
Investors are actually beginning another week with positive updates on experimental therapies and prophylactics for COVID-19 that is helping to support buying, despite hospitalizations for the dangerous disease entering a lethal stage because the holiday period gets beneath way.
The University of Astrazeneca and Oxford AZN, -3.01 % said their vaccine was found to get pretty much as 90 % effective in protecting against infections with no serious side effects in a major trial.
The report comes amid a number of weekly updates on vaccines and treatments which appear to be creating a bulwark alongside the pathogen which has taken over 250,000 lifestyles in the U.S.
Of the weekend, U.S. health officials agreed to allow emergency use of a next antibody drug to assist the immune system fight COVID 19, an experimental medicine that appeared to prove effective in assisting treat President Donald Trump as he was sickened with the virus earlier this year.
Recently, Pfizer Inc. PFE, 0.53 % filed for approval from U.S. regulators for critical use of the vaccine it’s produced with BioNTech SE BNTX, 3.36 % which has proven ninety five % successful in a clinical trial, while Moderna Inc. MRNA, 3.93 % a bit earlier this unique month said the vaccine candidate of its was in excess of ninety four % effective in a trial.
Wall Street is actually hoping that effective vaccines as well as therapeutics can help bring the coronavirus at bay soon, actually as a spike of situations and hospitalizations takes hold here and elsewhere in the world.
In fact, the U.S. claimed 142,732 new cases of the condition due to the novel strain of coronavirus and registered a record amount of hospitalizations for the 13th straight day.