Dow Jones Nears 30,000 After Positive Vaccine News


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U.S. stocks surged on Nov. 16 as news of vaccine breakthroughs continue to fuel the market rally. The Dow Jones Industrial Average rose more than 470 points, closing at a record high of 29,950, after biotech firm Moderna Inc. announced that its coronavirus vaccine candidate was 94.5 percent effective in a preliminary look at study results. Since the start of this month, the Dow has risen more than 10 percent and is edging toward the 30,000 mark, a key milestone for the index. Moderna’s Phase 3 study enrolled more than 30,000 participants in the United States, the company said in a statement. The Massachusetts-based firm, which plans to apply for an emergency use authorization (EUA) for the vaccine with the U.S. Food and Drug Administration, could receive the authorization in December, “if all goes according to plan,” CEO Stéphane Bancel has said. Moderna expects to have nearly 20 million doses of vaccine ready for ...