Canada's main stock index rallied to its highest closing in more than four months on positive COVID-19 vaccine news that propelled companies helped by economic reopenings.
The positive movement started after Moderna Inc. indicated that its experimental vaccine produced high levels of antibodies in a small study, sparking hopes for a large-scale vaccine program. It's just the latest positive test results as researchers around the world rush to find a treatment for the deadly virus that has claimed 580,000 lives, including 8,810 in Canada.
“Today is one of those positive days where everybody's focusing on the ups instead of the negativity,” said Small. In New York, the Dow Jones industrial average was up 227.51 points at 26,870.10. The S&P 500 index was up 29.04 points at 3,226.56, while the Nasdaq composite was up 61.92 points at 10,550.49.
The August gold contract was up 40 cents at US$1,813.80 an ounce and the September copper contract was down 4.75 cents at nearly US$2.89 a pound. Energy increased more than two per cent on higher crude prices as U.S. oil reserves were down amid talk from OPEC about easing on the production cuts amid increasing global demand.
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