Though the economy has been hard hit due to the ongoing coronavirus pandemic, Monday offered a bright spot amidst the crisis as the Dow Jones Industrial Average gained over 900 points following reports that a COVID-19 vaccine is on the horizon. Finishing at 24,597.37, it is the largest daily growth for the market in six weeks.
Other indexes saw similar gains, with the S&P 500 up 3.2 percent to finish at 2,953.91 and the Nasdaq composite up 2.4 percent with a closing value of 9,234.83 (per Business Insider).
One of the biggest stock increases of the day belonged to Moderna, the biotech company that announced the promising results on the first human trial of a potential COVID-19 vaccine.
As was previously reported by The Inquisitr, Moderna announced on Monday morning that 45 healthy individuals who had been given two rounds of their trial vaccine in March were shown to have created antibodies identical to those who had battled and recovered from the virus.
The company still has two more rounds of trials, one slated for later this month and another in July, but the CEO claimed that if results continue to be successful, he believes that a vaccine will be available to the public by the end of the year or early 2021.
Unsurprisingly, Moderna's stocks jumped 30 percent following the release of the promising data. Overall, the company has increased in value by a stunning 300 percent since the beginning of the year.
The bio-medical indexes similarly saw gains following the news, with the iShares Nasdaq Biotechnology ETF gaining by 3 percent at the intraday high, though it ended at a more modest 1.2 percent increase.
But it was not just Moderna and other medical-related stocks that saw returns. Many companies that saw increases belonged to businesses that would greatly benefit from reopening the economy.
The airline industry saw some of the biggest gains, with United Airlines jumping by 21 percent, Delta Airlines with 14 percent, and American Airlines with nine percent. The news will no doubt be welcomed by the struggling companies, as a number of smaller regional airlines, such as RavnAir, have been forced to shutter their operations for good due to losses sustained during the quarantine measure, as reported by USA Today.
Cruise ship businesses, which had suffered severe public relations crises following stories of COVID-19 infected passengers, also appeared to rebound following Moderna's announcement. Norwegian Cruise Line rose by 18 percent and Royal Caribbean Cruise Line gained 17 percent.
Disney stock saw gains as well, rising by around seven percent as investors were likely buoyed by the possibility of the full reopening of Disney's theme parks.