The S&P 500 has broken a four-day losing streak. It closed up 1.1% and only about 1% below its all-time record high.
Moderna, Inc. (NASDAQ: MRNA) completed phase three trials for its COVID-19 vaccine. The results were submitted to the FDA for emergency-use authorization. The test indicates it’s 94% effective.
A vaccine developed by Pfizer Inc. (NYSE: PFE) and BioNTech SE (NASDAQ: BNTX) was approved last Friday. If all goes as planned, the second vaccine could be approved as soon as Friday, with distribution in the following days.
The market rose steadily throughout the day on Tuesday. The Dow Jones Industrial, the Nasdaq Composite, and the S&P 500 each rose more than 1%.
MRNA stock didn’t fare as well as the overall market. Investors appeared to be selling the news. The stock closed down more than 5% at $147.32.
PFE was down more than 1% on the day and BNTX rose more than 2.5%.
The first doses of Pfizer’s vaccine were administered to frontline workers on Monday.
Officials have cautioned the darkest days of the pandemic could still be ahead of us. Infections, hospitalizations, and deaths are all still rising.
The vaccines aren’t likely to be available to the general public until sometime in the spring of next year.
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