10 things you need to know today: May 19, 2020

Stocks soar as potential coronavirus vaccine shows promise, Trump threatens to permanently cut WHO funding, and more

Trump at a roundtable meeting
(Image credit: Doug Mills - Pool/Getty Images)

1. Potential coronavirus vaccine shows early promise

Massachusetts biotechnology company Moderna announced Monday that its potential COVID-19 vaccine showed promising early clinical trial results. Eight patients developed antibodies at levels similar to those of people who recovered from the coronavirus. Moderna described the interim data as "positive," with Chief Medical Officer Tal Zaks saying that the findings, though preliminary, "substantiate our belief that mRNA-1273 has the potential to prevent COVID-19 disease and advance our ability to select a dose for pivotal trials." Moderna's stock soared on the news, lifting much of Wall Street with it. The Dow Jones Industrial Average gained 912 points or nearly 3.9 percent, while the S&P 500 closed up by nearly 3.2 percent. Moderna is developing the vaccine with the National Institute of Allergy and Infectious Diseases' Vaccine Research Center.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.