Wall Street enjoyed Moderna tailwinds all day
Stocks started the week off on the right foot, after some preliminary COVID-19 data from Moderna (MRNA) lifted investor sentiment. The Dow rose 470 points to log its second-straight record close. Meanwhile the S&P 500 and Nasdaq Composite also locked in substantial wins, with the former nabbing a record close as well, even as shares of "stay-at-home" stocks slipped. Still, coronavirus cases are rising in the U.S. and abroad, which kept a lid on the session's gains.
Continue reading for more on today's market, including:
- Here's how Moderna stock fared after its vaccine update.
- Why these vaccine hopes are boosting at least one airline stock.
- Plus, Activision Blizzard whiffs despite bull note; more on AMC's reaction to reopening plans; and what's ahead of Dell stock.
The Dow Jones Industrial Average (DJI - 29,950.44) rose 470.6 points, or 1.6%. It was another long list of winners today, and Boeing (BA) topped it after adding 8.2%. Procter & Gamble (PG) paced the laggards with a 1.2% loss.
Meanwhile, the S&P 500 Index (SPX - 3,626.91) added 41.8 points, or 1.2%, for the day. The Nasdaq Composite (IXIC - 11,924.13) gained 94.8 points, or 0.8% for the day. .
Lastly, the Cboe Volatility Index (VIX - 22.45) fell 0.7 point, or 2.8% for the day.
- While his inauguration is still two months away, President-elect Joe Biden wasted no time on meeting with CEOs of top U.S. companies and labor leaders, just ahead of his speech that will focus on fixing the economy. (Reuters)
- Meanwhile, Biden will have his hands full upon entering the White House, as several companies and business groups hired a plethora of lobbyists with aims of influencing the incoming administration. (CNBC)
- Despite a bull note, this video game stock is sinking.
- AMC is digging itself out of penny stock territory.
- Dell Technologies is slated to reported earnings next week.
Vaccine Update Boosts Oil, Gold Prices
Oil prices rose today, piggybacking off of Moderna's upbeat vaccine announcement. In response, December-dated crude added $1.21, or 3%, to settle at $41.43 a barrel.
Gold prices recovered from an earlier dip thanks to the vaccine update, as well as investors' hopes for additional economic support. December gold added $1.60, or 0.1%, to settle at $1,887.80 an ounce for the day.