Dow Jones, S&P 500 reach record highs after Moderna's vaccine news


The Dow Jones Industrial Average and the S&P 500 both rose to record highs on Monday following more great news about a COVID-19 vaccine candidate.
The Dow climbed 471 points to close at 29,950.44, while the S&P 500 rose 1.2 percent to 3,626.91, CNN and The Associated Press report. The new record highs were reached after Moderna announced that data suggested its COVID-19 vaccine candidate is nearly 95 percent effective, better than experts had been anticipating.
The Dow came close to hitting 30,000 for the first time ever, and it broke its previous closing record of 29,551.42, which was set in February before the markets started to sink as the COVID-19 pandemic hit the United States, AP notes. Stocks also rallied last week after Pfizer unveiled data suggesting its own COVID-19 vaccine candidate is also more than 90 percent effective.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
At the same time, Bloomberg writes that as COVID-19 cases climb in the U.S., "concerns about a sustainable economic recovery persist." But Capital Economics economist Neil Shearing wrote on Monday, per CNN, "Markets are focused on the increasing likelihood of a vaccine breakthrough." And Principal Global Investors chief strategist Seema Shah noted, per The Wall Street Journal, "2020 is a year we won't ever forget and yet somehow equity markets have completely erased it from their memory."
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brendan worked as a culture writer at The Week from 2018 to 2023, covering the entertainment industry, including film reviews, television recaps, awards season, the box office, major movie franchises and Hollywood gossip. He has written about film and television for outlets including Bloody Disgusting, Showbiz Cheat Sheet, Heavy and The Celebrity Cafe.
-
'"Andor" examines all sides of how empires operate'
Instant Opinion Opinion, comment and editorials of the day
By Justin Klawans, The Week US
-
DHS chief Kristi Noem's purse stolen from eatery
Speed Read Homeland Security Secretary Kristi Noem's purse was stolen while she dined with family at a restaurant in Washington, D.C.
By Peter Weber, The Week US
-
Harvard sues Trump over frozen grant money
Speed Read The Trump administration withheld $2.2 billion in federal grants and contracts after Harvard rejected its demands
By Peter Weber, The Week US
-
How will Wall Street react to the Trump-Powell showdown?
Today's Big Question 'Market turmoil' seems likely
By Joel Mathis, The Week US
-
US Treasuries were a safe haven for investors. What changed?
Today's Big Question Doubts about America's fiscal competence after 'Liberation Day'
By Joel Mathis, The Week US
-
How could stock market slides affect you?
Today's Big Question Pensions, prices and jobs at risk as Donald Trump's 'Liberation Day' measures take hold
By The Week UK
-
Markets notch worst quarter in years as new tariffs loom
Speed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
By Peter Weber, The Week US
-
Tesla Cybertrucks recalled over dislodging panels
Speed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
By Justin Klawans, The Week US
-
Why are stocks in 'correction' and not a bear market?
Today's Big Question Investors still hope for a 'flip' in Trump's trade policies
By Joel Mathis, The Week US
-
Crafting emporium Joann is going out of business
Speed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
By Peter Weber, The Week US
-
Trump's China tariffs start after Canada, Mexico pauses
Speed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
By Peter Weber, The Week US