USA stocks gain after latest upbeat vaccine news

USA stocks gain after latest upbeat vaccine news”

Stocks brushed up against last week's record on Monday and an index of commodity prices closed at its highest since March as more vaccine news gave investors hope economic activity could resume globally at a faster clip than many feared.

On Wall Street, the Dow Jones Industrial Average rose 1.12 per cent, the S&P 500 gained or 0.56 per cent while the Nasdaq Composite added only 0.22 per cent, underperforming as traders rotated away from big tech names.

Among individual companies, Boeing rose 1.6 per cent after European Union Aviation Safety Agency chief Patrick Ky said he expects the Boeing 737 MAX to return to service in January following agency safety reviews.

Also Wednesday, the US Federal Reserve is to report on its latest meeting, though no surprises are expected. Seoul's Kospi was 0.54 percent higher while Hong Kong's Hang Seng was steady, up 0.03 percent and Jakarta Composite Index (JCI) gained 0.85 percent.

The yield on the benchmark 10-year notes rose slightly to 0.8701 per cent.

U.S. Treasury Secretary Steven Mnuchin said last week that key pandemic lending programs at the Federal Reserve would expire on December 31, putting the outgoing Trump administration at odds with the central bank and potentially adding stress to the economy.

The S&P 500 has eroded all of its pre-market gains amid choppy post-strong US PMI data trade.

More news: Lampard discusses Olivier Giroud's Chelsea future, responds to the striker's agent

AstraZeneca and Oxford vaccine, which is set to cost just a few dollars a shot and should be easier to ramp up and store than vaccines by Pfizer and BioNTech and Moderna, could also be up to 90% effective.

Last week, Pfizer and Moderna both reported study results showing their vaccines were nearly 95% effective. Trading is expected to be light on Wall Street this week ahead of the Thanksgiving holiday on Thursday, when US stock markets will be closed.

The New Zealand dollar was among the winners in the currency, rising 0.9% to a two-year high of $ 0.6985, as the central bank said house prices, which have been rising this year, could be included in the inflation basket.

Investors awaited U.S. economic growth data due out Wednesday after Wall Street's benchmark S&P 500 index ended last week down as rising infection numbers collided with hopes for a possible vaccine. They will reopen on Friday for a half-day session. And, over the weekend, Regeneron Pharmaceuticals received USA government approval for emergency use of its COVID-19 treatment. The drug, which Trump received when he was sickened last month, is meant to try to prevent hospitalization and worsening disease from developing in patients with mild-to-moderate symptoms.

The progress made on COVID-19 vaccines, which had underpinned Wall Street overnight, helped keep risk appetite elevated as it boosted optimism about a quicker revival for the global economy.

Brent crude futures rose 45 cents, or 1%, to $46.51 a barrel to add to a more than 20% surge this month, while U.S. West Texas Intermediate crude added 46 cents, or 1.1%, to $43.52. Brent crude, used to price global oils, added 53 cents to $45.49 per barrel in London.

The Japanese yen weakened 0.65% versus the greenback at 104.57 per dollar, while sterling was last trading at $1.3321, up 0.29% on the day.

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