Comic: Race To Deliver Covid-19 Vaccine Heats Up As Wall St.’s Wild Week Continues

imageEconomy3 hours ago (May 21, 2020 06:47AM ET)

By Jesse Cohen

Investing.com – News on progress in developing a potential COVID-19 vaccine has had a powerful influence on volatile market sentiment this week.

With more than 100 vaccines currently in various stages of development worldwide and eight in clinical trials according to the World Health Organization, a slew of biotechnology and pharmaceutical companies are racing to deliver a vaccine for COVID-19, which has infected more than 5 million people worldwide.

Moderna (NASDAQ:MRNA) raised hopes for a vaccine at the start of the week when it reported that all 45 patients enrolled in the phase one trials developed binding antibodies after two doses. In addition, eight patients in the trial produced neutralizing antibodies, the key to immunizing against the virus.

That helped lift stocks on Wall Street to their best day in over a month on Monday.

The U.S. stock market then moved sharply lower in the final hour of Tuesday’s session after a report from medical news website STAT said early data from Moderna’s COVID-19 vaccine was insufficient.

Despite the volatility, the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite are all up around 4% so far this week heading into Thursday.

The S&P (NYSE:SPY) 500 currently stands at a more than two-month high, while the Nasdaq was trading at its highest level in three months. The tech-heavy index is up 4.5% for 2020 and is less than 5% from its February record high.

Still, there is concern that stocks may have gotten ahead of themselves, with the S&P up nearly 33% from its March 23 closing low, as investors monitor progress in developing a potential coronavirus vaccine and economic recovery hopes.

To see more of Investing.com’s weekly comics, visit: http://www.investing.com/analysis/comics

Reuters contributed to this report

Comic: Race To Deliver Covid-19 Vaccine Heats Up As Wall St.’s Wild Week Continues

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.