The Dow Jones Industrial Average hit an all-time intra-day high on Monday following the news of Moderna’s vaccine results. The Dow Industrials was the best performer of the major averages, as Energy shares outperformed. Most sectors in the S&P 500 index were higher on Monday, led by Energy and Materials, Healthcare shares bucked the trend.
The dollar moved lower on Monday helping to buoy gold prices as well as Bitcoin which made a new 35-month high. Oil prices continue to move higher helping to buoy the energy sector. Stronger than expected Japanese and Chinese data helped buoy yields.
On Monday, Moderna announced the results of its phase-3 trial for a coronavirus vaccine. The company said that it saw 94.5% efficacy, with very few patients getting the COVID-19 disease. The news of the results helped buoy riskier assets especially stocks that have been beaten down.
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