US Stocks and Oil Gain from Hopes for a COVID-19 Vaccine

Ibeth Rivero

The US stock markets closed in positive territory, and oil prices also gained during the session.

CoronavirusModerna, Inc. reported yesterday that its COVID-19 vaccine is 94.5 percent effective, becoming the second company to report a high-performing vaccine after Pfizer announced its own with over 90 percent efficacy. The company also claimed that unlike Pfizer's, its vaccine can be stored at normal fridge temperatures.

"By the end of 2020, the company expects to have approximately 20 million doses of mRNA-1273 ready to ship in the U.S," announced Moderna.

This announcement spread optimism across the markets. So far, 55,366,732 COVID-19 cases have been reported worldwide, as well as 1,332,565 total deaths. The United States leads in the number of infections, with 11,538,280 total cases as well as a death toll of 252,652.

President-elect Joe Biden's team also announced that a national lockdown would be a “measure of last resort,” reinforcing the optimistic stance in the markets.

The US stock markets closed in positive territory. The Dow Jones Industrial Average gained 1.60 percent during the session, closing at the 29,950.44 level, followed by the S&P 500, which went up by 1.16 percent and closed the session at the 3,626.91 level. Similarly, the NASDAQ 100 advanced by 0.63 percent during the session and closed at the 12,013.39 level, followed by the NYSE Composite as it advanced 1.61 percent during the session and closed at the 13,982.19 level.

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Oil prices are making great trade opportunities

Oil prices also gained during the session. The West Texas Intermediate Crude Oil futures climbed by 2.12 percent during the session, closing at the 41.34 level. Similarly, Brent oil futures gained 1.84 percent, closing the session at the 43.82 level.

Concerns are currently focused on vaccine distribution now that millions of doses could be available by the end of the year. Both companies are now on track for getting their vaccines approved by the Food and Drug Administration, while some countries are currently amid negotiations with them to purchase doses.

Ibeth Rivero

Ibeth contributes daily market commentary in both English and Spanish (both of which she speaks fluently) and she also manages the DailyForex mobile app to ensure that traders around the world are getting important market updates in real time.

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