US stocks rise sharply after Moderna says vaccine is 94.5% effective

US stocks rose sharply Monday, on pace to hit new record highs, after Moderna said its...

Posted: Nov 16, 2020 10:17 AM

US stocks rose sharply Monday, on pace to hit new record highs, after Moderna said its experimental Covid-19 vaccine is highly effective. That heralded another breakthrough in the fight against coronavirus that could eventually help the world's biggest economies recover from deep recessions.

Moderna said in a statement that the first interim analysis of Phase 3 trial results showed its vaccine candidate was 94.5% effective against the coronavirus. Last week, Pfizer said that a vaccine it developed with German drugmaker BioNTech was more than 90% effective against Covid-19.

There are dozens more potential vaccines in development, and the promising test results from Moderna and Pfizer suggest that vaccines may be an effective way to fight the coronavirus. Both vaccines require two doses to be administered.

US stocks rose after Moderna announced the results. The Dow added 1.2%, or 330 points, at the opening bell. The S&P 500 increased 0.75% and the Nasdaq was flat. Shares of Moderna were up 11%.

Neil Shearing, group chief economist at Capital Economics, wrote in a research note on Monday before the Moderna results were announced that vaccine breakthroughs show "there is finally light at the end of the tunnel."

"Forget the fact President Trump has refused to concede defeat in the US election, or that Europe and the US remain gripped by new waves of the virus, or that another key Brexit deadline has passed and a 'no deal' exit is edging closer. Markets are focused on the increasing likelihood of a vaccine breakthrough," he wrote.

Yet there are reasons for investors to temper their enthusiasm. It will take months for the vaccines to be distributed, and the number of coronavirus cases in the United States is surging. Big economies in Europe such as France, Germany, and the United Kingdom have been locked down for a second time.

Moderna said Monday that it expects to have roughly 20 million doses of its vaccine ready to ship in the United States by the end of this year. The company is on track to manufacture 500 million to 1 billion doses globally in 2021, it added.

Pfizer told CNN last week that it expects to have 50 million vaccine doses globally this year, and 1.3 billion in 2021.

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 751242

Reported Deaths: 13795
CountyCasesDeaths
Marion1032931788
Lake556911009
Allen41692692
St. Joseph36990565
Hamilton36588417
Elkhart29398461
Tippecanoe22901226
Vanderburgh22556400
Porter19356325
Johnson18471389
Hendricks17682317
Clark13226195
Madison13149344
Vigo12614253
LaPorte12419221
Monroe12207176
Delaware10966198
Howard10321225
Kosciusko9630121
Hancock8576146
Bartholomew8169157
Warrick7860156
Floyd7811180
Grant7242179
Wayne7162201
Boone6966103
Morgan6761141
Dubois6218118
Marshall6209116
Cass6016110
Henry5900110
Dearborn589878
Noble581488
Jackson509076
Shelby501496
Lawrence4742122
Gibson444894
Clinton442355
Harrison441875
DeKalb439885
Montgomery438090
Whitley406543
Huntington402681
Steuben400159
Miami395269
Jasper388054
Knox375991
Putnam372960
Wabash361983
Ripley347170
Adams345555
Jefferson335886
White331953
Daviess3033100
Wells295281
Decatur289992
Greene286885
Fayette284864
Posey273835
LaGrange273072
Scott270156
Clay267148
Washington246036
Randolph244783
Jennings235349
Spencer234531
Starke228058
Fountain220948
Sullivan214643
Owen211858
Fulton202942
Jay200932
Carroll193620
Orange188255
Perry187237
Rush175926
Vermillion174844
Franklin170335
Tipton166246
Parke149416
Pike138234
Blackford136232
Pulaski120647
Newton113936
Brown104243
Crawford102516
Benton101714
Martin91715
Warren84015
Switzerland8148
Union72810
Ohio57911
Unassigned0420

Ohio Coronavirus Cases

Data is updated nightly.

Cases: 1108736

Reported Deaths: 20166
CountyCasesDeaths
Franklin1287201467
Cuyahoga1157922211
Hamilton813971250
Montgomery525481043
Summit484271001
Lucas43353820
Butler39013606
Stark33332929
Lorain25672505
Warren24591303
Mahoning22370603
Lake21207388
Clermont20117253
Delaware18852136
Licking16662222
Fairfield16574204
Trumbull16548482
Medina15610271
Greene15281248
Clark14237306
Wood13292200
Portage13251215
Allen11913239
Richland11605211
Miami10849225
Wayne9141223
Columbiana9032230
Muskingum8906135
Pickaway8663122
Tuscarawas8649250
Marion8642138
Erie8056165
Ashtabula7160179
Hancock6998132
Ross6944161
Geauga6838151
Scioto6534106
Belmont6157174
Union584549
Lawrence5731102
Jefferson5678158
Huron5546122
Sandusky5442126
Darke5420129
Seneca5348128
Washington5319109
Athens523960
Auglaize502187
Mercer487385
Shelby476895
Knox4571112
Madison444266
Ashland435797
Putnam4336103
Defiance432399
Fulton432074
Crawford4037110
Brown402461
Logan387677
Preble3855105
Clinton379166
Ottawa373681
Highland359665
Williams348278
Champaign344759
Guernsey324953
Jackson318254
Perry297350
Morrow291840
Fayette285450
Hardin275265
Henry273467
Holmes2701101
Coshocton269060
Van Wert247264
Adams243256
Pike242835
Gallia240650
Wyandot234556
Hocking220563
Carroll197348
Paulding176542
Meigs148440
Monroe136344
Noble136239
Harrison114138
Morgan109624
Vinton85517
Unassigned03
Fort Wayne
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Angola
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Huntington
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Hi: 88° Lo: 68°
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Decatur
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Van Wert
Clear
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Scattered showers and storms are likely Sunday evening. Strong to severe storms are possible. Hot and humid for Father's Day.
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