Dow Hits New High After Moderna Says Vaccine Is 94.5% Effective

dow hits new high among moderna vaccine news

Moderna, Inc. (NASDAQ: MRNA) released a preliminary report indicating that its COVID-19 vaccine is 95% effective at protecting people from the virus.

This report came exactly one week after Pfizer Inc. (NYSE: PFE) released a preliminary report that indicated its vaccine was 90% effective.

Both vaccines are still in the trial phase, but markets are clearly excited about the back-to-back positive trial results.

MRNA traded above $103 per share, setting a new record all-time high for the stock.

All the major indexes traded higher after the breaking news this morning.

The Dow Jones Industrial Average set a new intraday high just shy of 30,000. It’s trading up more than 1% at writing.

The S&P 500 is up slightly less than 1% at writing. The only day it traded higher was last Monday directly after Pfizer’s announcement.

Both Moderna and Pfizer plan to file for emergency use authorization with the FDA in the coming days. Authorization could come as early as next month.

Once approved, distribution of the vaccines could begin in early 2021.

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