Stock markets on Monday opened to gains following news that trials for Oxford-AstraZeneca’s COVID-19 vaccine proved the drug to be up to 90 percent effective.
The Dow Jones Industrial Average climbed 200 points, or 0.7 percent, and the S&P 500 added 20 points, or 0.6 percent, after the opening bell.
The latest vaccine news means there will likely be three companies producing and distributing effective COVID-19 vaccines once emergency use authorizations are granted,
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While the average 70 percent effectiveness for the AstraZeneca vaccine was lower than that of vaccines from Pfizer or Moderna, both of which came out in the mid-90 percentage range, the trials showed that a different dosing regime could put effectiveness up at 90 percent.
The number of people receiving that dosage in the trial, however, was significantly lower.
The vaccine news also comes at a time when COVID-19 cases are growing at alarming rates around the country, regularly setting new records as hospitals reach capacity and the death toll mounts.
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