US Stocks Open Higher on Vaccine Hopes 11/23 09:45
Stocks rose in early trading Monday after investors received several pieces
of encouraging news on COVID-19 vaccines and treatments, tempering concerns
over rising virus cases and business restrictions.
NEW YORK (AP) -- Stocks rose in early trading Monday after investors
received several pieces of encouraging news on COVID-19 vaccines and
treatments, tempering concerns over rising virus cases and business
The benchmark S&P 500 index rose 0.6%, led by technology companies that have
been posting solid gains throughout the virus pandemic. Many companies and
sectors that have been beaten down by the virus, including cruise lines and
banks, were also among winners.
The Dow Jones Industrial Average gained 237 points, or 0.8%, at 29,500 as of
10:08 a.m. Eastern time. The Nasdaq composite rose 0.3%.
The gains were broad, with more than 80% of the stocks in the S&P 500
rising. The Russell 2000 index of smaller stocks rose 1% in yet another signal
that investors were feeling confident. The yield on the 10-year Treasury rose
to 0.85% from 0.81% late Friday.
Cruise line operator Carnival rose 2.2% and hotel company Marriott gained
1.8%. JPMorgan Chase rose 1.9%
AstraZeneca is the latest drug developer to report surprisingly good results
from ongoing vaccine studies. It said the potential vaccine, which is being
developed with partner Oxford University, was up to 90% effective. Unlike rival
candidates, however, AstraZeneca's doesn't have to be stored at ultra-cold
temperatures, making it easier to distribute.
Last week, Pfizer and Moderna both reported study results showing their
vaccines were almost 95% effective. And, over the weekend, Regeneron
Pharmaceuticals has received U.S. government approval for emergency use of its
COVID-19 treatment. The drug, which President Donald Trump received when he was
sickened last month, is meant to try to prevent hospitalization and worsening
disease from developing in patients with mild-to-moderate symptoms.
The latest vaccine developments are helping to raise hopes that some
normalcy will eventually be restored to everyday life and economic activity. It
is also tempering lingering concerns about new government controls as the virus
spikes in the U.S. and globally.
In Europe, France's CAC 40 rose 0.3%, and Germany's DAX returned 0.4%. The
FTSE 100 in London was flat. Asian stocks were mixed. Japan's Nikkei 225 fell
1.1%, but other markets were stronger. South Korea's Kospi added 0.3%, Hong
Kong's Hang Seng climbed 0.5% and stocks in Shanghai added 0.2%.