The Dow Jones Industrial Average closed at a record high Monday, erasing the last of its pandemic losses, after a second drug company announced encouraging progress on developing a coronavirus vaccine.
The Dow Jones closed at 29,950, topping the previous record set back in February. The Dow Jones has completed a long comeback after losing nearly 35% of its value over the course of six weeks during the onset of the coronavirus pandemic.
While the Dow rallied at the end of spring and start of summer, the markets were sluggish in their recovery until the start of November.
The S&P 500 added to the record high it reached last Friday. The Dow rose 1.6% and the S&P 500 added 1.2% after Moderna said its COVID-19 vaccine appears to be 94.5% effective, according to preliminary data.
It comes just a week after Pfizer and BioNTech gave similarly encouraging numbers about their own vaccine candidate. Stocks of companies that would benefit the most from the economy climbing out of its recession led the way higher.
