Dow soars over 400 points on vaccine hopes

Monday, 13. July 2020 17:31

Stocks in the United States extended gains on Monday with the Dow Jones soaring nearly 450 points on fresh optimism about the development of a coronavirus vaccine. Pfizer and BioNTech announced that their vaccine candidates were approved for a Fast Track designation by the US FDA, while NovaBay stated tests proved its disinfectant spray Avenova kills the coronavirus SARS-CoV-2.

The Dow Jones rallied 1.65% or 430 points at 11:32 am ET with Pfizer climbing 4.21% at 11:36 am ET.

The Nasdaq 100 surged 2.08% at 11:33 am ET to hit a new record high. Tesla, whose shares skyrocketed 13.88% at 11:34 am ET, led the gains on the tech-heavy index.

The S&P 500 jumped 1.43% at 11:33 am ET. Maxim Integrated Products soared 10.78% at 11:51 am ET on news it is being acquired by Analog Devices for $20.9 billion.

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Breaking the News / NP