Stocks were mostly higher on Monday as news from another drugmaker announcing positive results for its coronavirus vaccine lifted sentiment.
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TickerSecurityLastChangeChange %I:COMPNASDAQ COMPOSITE INDEX11874.30258+19.33+0.16%AAPLAPPLE INC.114.70-2.63-2.25%FBFACEBOOK INC.268.23-1.47-0.55%GOOGLALPHABET INC.1,725.45-10.93-0.63%MSFTMICROSOFT CORP.209.90-0.49-0.23%
The tech-heavy Nasdaq Composite was hugging the flat line, as stocks such as Apple, Microsoft, Facebook and Google fell 0.5% or more.
The Dow Jones Industrial Average, up more than 300 points at one time, was up 190 points, a gain of 0.6%, while the S&P 500 was higher by 0.2%.
U.K. drugmaker AstraZeneca announced that the vaccine it is developing with Oxford University can be up to 90% effective in late-stage trials.
The efficacy rate can range between 62% and 90%, depending upon the dosage. This is the third vaccine, behind that from Pfizer and its partner, BioNTech, and Moderna, to show strong efficacy results in Phase 3 trials.
Shares of AstraZeneca were slightly lower on Monday despite the good news.
The news comes after Johns Hopkins University announced on Saturday that the U.S. surpassed 12 million coronavirus cases, the most impacted country in the world.
SNAP GOES AFTER TIK-TOK
Snap announced it was launching Spotlight, an entertainment platform for user-generated content, similar to TikTok.
Shares of Snap, led by CEO Evan Spiegel, were rising more than 3% in early Monday trade.
The economic calendar is light on Monday, with a pair of reports showing the latest data for November, coming in ahead of expectations.
Markit released the Manufacturing PMI and Services PMI reports, with readings coming in at 56.7 and 57.7, respectively. Economists surveyed by Refinitiv expected readings of 53 and 55.
West Texas Intermediate crude oil rose 38 cents to $42.80 per barrel. In other commodities, gold plunged 2.3% to $1,829.70 an ounce.
European indexes rose on Monday, with the STOXX Europe 600 rising 0.1% and Germany's DAX climbing 0.6%. The other major indexes, France's CAC-40 and the U.K.'s FTSE 100, were up similar amounts.