Categories: Business

US stock market rally on hopes for corona vaccine


US Market

new Delhi. On Monday, the US markets have seen an increase. Last week itself, the US markets saw the worst week in the past 2 months. Expectations of a vaccine against Corona on Monday and signs of a recovery in the economy after June came out of the market. Dow Jones closed up 3.85 percent in Monday's trade, 2.44 percent on Nasdaq and 3.15 percent in S&P.

Moderna, an American company, reported on Monday that the initial results of its vaccine experiment on a corona patient have been very encouraging. The news saw a 21 per cent jump in the company's stock. At the same time, the market was already excited by the Federal Reserve's statement that the US economy is expected to recover after June.

Technology and financial sector companies accounted for most of Monday's gains. Along with this, the stock of healthcare companies also saw a jump. The rise in crude oil prices also led to a rise in power sector companies.

This post was published on May 19, 2020 9:32 am

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