Dow gains 210 points as AstraZeneca results boost COVID-19 vaccine optimism

Sergei BobylevTASS via Getty Images
  • US stocks rose on Monday after AstraZeneca said its COVID-19 vaccine candidate demonstrated an average efficacy rate of 70%.
  • This marks the third COVID-19 vaccine that surpassed the FDA’s stated threshold requirement of 50% effectiveness.
  • Watch major indexes update live here.

US stocks gained on Monday as investor optimism surrounding the development of successful COVID-19 vaccine candidates remained elevated.

AstraZeneca said on Monday that its COVID-19 vaccine, developed in partnership with the University of Oxford, demonstrated an average efficacy rate of 70%. While one dosing regiment showed an efficacy rate of 90%, another dosing regiment demonstrated an efficacy rate of 62%.

This marks the third COVID-19 vaccine that has surpassed the FDA’s stated threshold for approval of at least 50% efficacy in preventing the virus, the others being from Pfizer and Moderna.

Here’s where US indexes stood shortly after the 9:30 a.m. ET market open on Monday:

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Americans could begin to receive COVID-19 vaccines as early as December 11, according to an Operation Warp Speed advisor. This could set up the country to hit herd immunity rates of 70% by May, suggesting life may get back to some levels of normality by next Summer.

Oil prices staged a rebound on Monday, hitting its highest levels since early September as positive vaccine news suggests demand for oil could come back sooner than later.

Bitcoin’s strong rally to above $US18,000 helped spur a surge in other cryptocurrency assets like Ethereum and Ripple over the weekend.

Oil prices rose. West Texas Intermediate crude jumped as much as 2.9%, to $US43.36 per barrel. Brent crude, oil’s international benchmark, gained 2.5%, to $US46.08 per barrel, at intraday highs.

Gold declined as much as 0.5%, to $US1,862.64 per ounce.

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