U.S. markets soar on phase 1 vaccine news
As the TSX closed for Victoria Day, American markets soared on news from pharma, Moderna, that phase 1 test results of its Covid-19 vaccine were positive. In these early tests, the vaccine triggered in human subjects antibodies to halt the virus at levels that matched or exceeded those in people who recovered from Covid-19 naturally. A relatively small number of people were observed in phase 1, but now Moderna can test the vaccine on several hundred. If it passes phase 2, the vaccine progresses to a pool of thousands in phase 3 which could happen as soon as July.
The rest results don’t automatically mean that Moderna has created the vaccine, but it is a first positive step and puts Moderna ahead in the vaccine race. (See our weekly summary for about more the vaccine race.)
Moderna soared 20% Monday to close at $80, $4 off the day’s high. American indices stayed consistently strong, if not rising modestly throughout the session. The Dow jumped 3.85% and the Nasdaq closed at 2.44%. The Russell 2000 of small-caps rallied 6.1%. Oil also rose with WTI gaining 10% to $32 per barrel, with WCS enjoying similar gains. Other winners included American Express (7.53%), Walgreens (6.41%) and Boeing (12.87%). All Dow components rallied. The TSX reopens on Tuesday.