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Moderna revives the 'vaccine effect' on Wall Street and the Dow Jones closes at highs


Wall street has extended the gains this Monday encouraged once again by the 'vaccine effect'. Modern just announced that its vaccine against Covid-19 is 94.5% effective. The Dow Jones finished at 29,953, a new all-time high. The S&P 500 has extended the all-time highs it reached on Friday.

The American becomes the latest drug maker to say it has a potentially effective vaccine.

The news has prompted investors to search for underperforming names that depend on a vaccine that reopens the economy. Remember that Pfizer Y BioNTech They already said last week that their coronavirus vaccine candidate was more than 90% effective.

Following this announcement, the Dow Jones has advanced 1.61%, while the S&P 500 it has risen 1.17%. The most lagging behind Nasdaq 100, which has risen 0.80%.

"The announcement of an effective vaccine by Pfizer and BioNTech last week was so important that we almost forgot that the US presidential election had just been held." "The vaccine converts what could have been a prolonged crisis in something closer to a natural disaster (big impact, fast recovery) ", assure to CNBC the analysts of TS Lombard.

Commodities are also contagious from the bullish rally. Gold and oil prices have spiked after knowing the news. The precious metal, a popular safe-haven asset, is already hitting a week-high high on a weaker US dollar and rising upsurges.

In the case of crude oil, its prices partially rebound this Monday with the hope that OPEC + will maintain its current production cuts due to the aforementioned outbreaks and higher production in Libya. Investors are betting that the agency will try to keep balancing supply with still weak demand.

Thus, the barrel of Brent, the benchmark in Europe, advanced 3.67% to 44.35 dollars and that of West Texas, the benchmark in the US, rose 4.09 & to 41.77 dollars per barrel.

Finally, in macro terms, it should be noted that the Empire State manufacturing index has fallen from 10.5 in August to 6.3 in November. PM experts acknowledge that it is a "disappointing figure but not necessarily a sign of the softening of the sector."

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