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.
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 regimen 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.