Stocks Sharply Higher on Coronavirus Vaccine Report

TOPSHOT - A researcher works on a vaccine against the new coronavirus COVID-19 at the Copenhagen's University research lab in Copenhagen, Denmark, on March 23, 2020. - At Copenhagen university, a team of about 10 researchers is working around the clock to develop a vaccine against Covid-19 that could apply …
THIBAULT SAVARY/AFP via Getty Images

Stocks in the United States moved sharply higher on Monday following news of positive results from a coronavirus vaccine under development by Moderna.

Moderna said Monday that the phase 1 human trial of a coronavirus vaccine was going well. The vaccine produced antibodies in all 45 participants, the company said. It was also shown to be safe and well-tolerated.

The Dow Jones Industrial Average was up by 3.1 percent after the first hour of trading Monday morning. The Nasdaq Composite was up 2.3 percent. The S&P 500 rose 2.85 percent. The small-cap Russell 2000 was up 4.8 percent.

Share of Moderna were up 22.5 percent.

Shares of travel companies were some of the top performers in morning trading. Shares of Expedia jumped by more than 15 percent. Shares of Royal Caribbean soared 18 percent. Norwegian Cruiseline shares were up more than 15 percent. United Airlines shares rose 14.7 percent. Boeing shares rose by around 9 percent.

Oil was up by around 11 percent.

 

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