People walk by the New York Stock Exchange (NYSE) on May 18, 2020 in New York City.
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Dow Jones Industrial Average rises 227 points
The Dow climbed 227.51 points, or 0.85%, to close at 26,870.10. The S&P 500 gained 0.91% to 3,226.56. The Nasdaq Composite advanced 0.59% to 10,550.49. Wall Street got a boost from positive coronavirus vaccine news out of Moderna as well as strong Goldman Sachs earnings.
Moderna, Goldman spark market gains
Data published by the New England Journal of Medicine showed Moderna’s coronavirus vaccine produced a “robust” immune response, or neutralizing antibodies, in all 45 patients in its early stage human trial. Shares of Moderna gained 6.90%. Goldman Sachs reported quarterly numbers that easily beat analyst expectations. The company’s results were driven by a 93% surge in trading revenue. Goldman shares rose 1.35%.
Tech stocks lag again
Shares of the major tech companies lagged the broader market once again. Amazon slid 2.44% and Alphabet dipped 0.46%. Microsoft dipped 0.15%.
What happens next?
A slew of companies are slated to report earnings Thursday, including Domino’s Pizza and Netflix.
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Wall Street got a boost from positive coronavirus vaccine news out of Moderna as well as strong Goldman Sachs earnings.