(16 JULY 2020)DAILY MARKET BRIEF 1: Wall Street Short-Term Rally Continues
<p>US equities continued to rally on Wednesday, regurgitating the news about Moderna’s COVID-19 vaccine. Goldman Sachs’ upbeat reporting also gave the stock markets a boost. The S&P 500 (+0.91%) has performed better than tech-oriented Nasdaq (+0.59%) for a fourth consecutive trading session, which happens only the second time since the recovery started in March. Dow Jones gained 0.85%. At the end of July, Moderna will move to the final stage of the trial, during which it will test the vaccine on 30,000 people. The stock price of the biotech firm has surged almost 7% on the news. The hopes that an efficient vaccine would finally chase away the pandemic boosted the S&P 500’s airlines index and travel-related shares. The bullish rhetoric was also supported by the Fed’s Beige Book report that showed US companies had experienced an increase in activity at the beginning of the month, as some states relaxed the lockdown. Meanwhile, the number of coronavirus cases continues to surge in th</p>
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