The Dow jumped over 200 points after Moderna’s coronavirus vaccine news by skleb1234
Shares of Moderna surged 7%, while stocks that would benefit from a reopening of the economy—including airlines and cruise lines—also jumped on the vaccine news.
The market moved higher on the back of a blowout second quarter from Goldman Sachs which easily topped Wall Street expectations, driven by a 93% surge in trading revenue. Major banks like Morgan Stanley, JPMorgan, Wells Fargo and Citigroup all rallied on the back of Goldman’s earnings results. The positive vaccine news and bank earnings come amid a backdrop of surging coronavirus infections across the country, however: The U.S. reported a new daily record of more than 67,000 cases on Tuesday, according to data from Johns Hopkins University.
Cases in the U.S. are continuing to climb higher in recent weeks, with hotspots like Texas, California and Florida accounting forVaccine hopes and better-than-expected earnings are helping drive stocks higher, but the “reality is more nuanced than the headlines,” according to Vital Knowledge founder Adam Crisafulli.
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