Hopes of Vaccine Boost Market Sentiment, Economic Outlook

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WASHINGTON—Wall Street rallied early this week after a second coronavirus vaccine candidate showed promise. While the U.S. economy is still in a “deep hole” as the country heads into the winter with an increase in COVID cases, a wide distribution of a vaccine in 2021 would boost economic and labor market recovery, economists say. The Massachusetts-based biotech firm Moderna Inc. announced on Nov. 16 that a preliminary analysis indicated its coronavirus vaccine was 94.5 percent effective. On Nov. 9, Pfizer with its German partner BioNTech said its vaccine candidate was 90 percent effective against the virus. Both companies expect to receive emergency authorization from the Food and Drug Administration (FDA) for their vaccines and ready millions of doses to ship in the United States by the end of this year. The Pfizer announcement gave a boost to U.S. stocks. The Dow Jones Industrial Average gained nearly 1,500 points, rising more than 5 percent since then, to approach ...

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