NEW YORK (Pakistan Point News / Sputnik - 17th November, 2020) The Dow Jones Industrial Average, the broadest stock indicator on the New York Stock Exchange, hit a record high on Monday and the US stock market as a whole rallied after Moderna reported on the progress in its coronavirus vaccine boosted for the second time in a week investors' hopes of returning to a pre-pandemic normal.
The Dow settled up 1.6 percent at 29,950 after hitting an all-time high at 29,964. The rally came after Moderna said its experimental coronavirus vaccine was 94.5 percent effective. The update comes after Pfizer said last Monday that its own coronavirus vaccine was more than 90 percent effective.
The S&P 500, a barometer for the top 500 US stocks on the New York Stock Exchange, rose 1.2 percent to close at 3,628.
The Nasdaq Composite Index, which counts on the performance of US tech stock giants such as Facebook, Apple, Amazon, Netflix and Google, finished the day up 0.8 percent at 11,924.
