US stocks gain after latest upbeat vaccine news

About 25 minutes into trading, the Dow Jones Industrial Average was up 1.0 per cent at 29,552.83. — Reuters pic
About 25 minutes into trading, the Dow Jones Industrial Average was up 1.0 per cent at 29,552.83. — Reuters pic
NEW YORK, Nov 23 — Wall Street stocks rose early today after another upbeat coronavirus vaccine announcement offset worries about rising virus cases.

British drugs group AstraZeneca and the University of Oxford said they will seek regulatory approval for their coronavirus vaccine after it showed up to 90 per cent effectiveness.

The news comes on the heels of announcements by Pfizer/BioNTech and Moderna that have supported stocks the last couple of weeks despite mounting coronavirus cases that have prompted renewed restrictions in some states.

About 25 minutes into trading, the Dow Jones Industrial Average was up 1.0 per cent at 29,552.83.

The broad-based S&P 500 gained 0.9 per cent to 3,588.40, while the tech-rich Nasdaq Composite Index advanced 0.7 per cent to 11,940.17.

This week’s calendar includes a closely-watched report on consumer confidence, the release of minutes from the most recent Federal Reserve meeting and the “Black Friday” kickoff of the holiday shopping season.

Among individual companies, Boeing rose 1.6 per cent after European Union Aviation Safety Agency chief Patrick Ky said he expects the Boeing 737 MAX to return to service in January following agency safety reviews.

The statement comes only days after US air safety regulators approved the jet to return to service. — AFP

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