Dow Average Climbs to Record on Vaccine; Oil Gains: Markets Wrap
- Results show Moderna vaccine effective at preventing Covid-19
- Rotation into value stocks continues, while tech lags behind
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U.S. stocks rose to records after positive news on a Covid-19 vaccine sparked a rally in shares tied to an economic reopening while stay-at-home tech companies lagged behind. Oil climbed.
The Dow Jones Industrial Average and S&P 500 Index closed at all-time highs after Moderna Inc.’s vaccine was shown to be 94.5% effective in a preliminary analysis of a large late-stage clinical trial. Shares of the drugmaker surged almost 10%. Companies poised to benefit from a reopening, such as cruise lines and air carriers, were among the day’s best performers.