Stocks rose Monday after Moderna Inc. said its vaccine candidate proved highly effective in preventing COVID-19 infections, bolstering the least-loved sectors and industries as investors rotated away from shares of companies that thrived in the stay-at-home environment created by the pandemic.
Last week’s rally was inspired after Pfizer and BioNTech SE on Nov. 9 announced that their vaccine candidate was more than 90% effective in preventing COVID-19 infections in a late-stage trial. While tech shares and other stay-at-home beneficiaries lagged last week, hard-hit industries and sectors, including airlines, energy, financials and retail, benefited.
Meanwhile, investors looked past a stalled transition as President Donald Trump continued to refuse to accept the results of the Nov. 3 presidential election. In economic data, the New York Federal Reserve Bank’s Empire State index came in at a reading of 6.3 from 10.5 in October.
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