Equity Markets Surge Amid Positive Vaccine Report

New York, N.Y. (PPD) — U.S. equity markets surged on Monday after interim data suggested strides are being made during vaccine trials for coronavirus (SARS-CoV-2), or COVID-19.

The Dow Jones Industrial Average (^DJI) gained +911.95, or 3.85% to close at 24,597.37. The S&P 500 (^SPX) gained +90.21, or 3.15% to close at 2,953.91. The NASDAQ Composite (^IXIC) gained +220.27, or 2.44% to close at 9,234.83.

The Russell 2000 (^RUT) was the biggest percentage gainer, closing up +76.70 or 6.10% at 1,333.69.

Moderna, Inc. (MRNA), which specializes in the development of transformative medicines based on messenger ribonucleic acid (mRNA), reported positive interim clinical data for its vaccine candidate. On May 7, the FDA completed its review of the Company’s IND application for mRNA-1273, allowing it to proceed to Phase 2.

Moderna is finalizing protocol for Phase 3 study of mRNA-1273, expected to begin in early summer of 2020. The Phase 1 study led by the National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health (NIH).

“These interim Phase 1 data, while early, demonstrate that vaccination with mRNA-1273 elicits an immune response of the magnitude caused by natural infection starting with a dose as low as 25 µg,” said Tal Zaks, M.D., Ph.D., Chief Medical Officer at Moderna. “When combined with the success in preventing viral replication in the lungs of a pre-clinical challenge model at a dose that elicited similar levels of neutralizing antibodies, these data substantiate our belief that mRNA-1273 has the potential to prevent COVID-19 disease and advance our ability to select a dose for pivotal trials.”

Moderna closed +13.31, or +19.96% at 80.00.