U.S. stock futures jumped early Thursday after drugmaker Moderna said its experimental COVID-19 vaccine was 94.5% effective in preventing the disease, raising hopes for an end to the pandemic that has rocked the global economy and killed more than 1.3 million people worldwide.
The Dow Jones Industrial Average futures were up 412 points, or 1.4%, to 29,780. The S&P 500 futures were up 1.6% to 3,593.50, and the Nasdaq 100 futures were up 2.1% to 11,854.50.
The positive news from Moderna follows a similar announcement from Pfizer and BioNTech last week that their COVID-19 vaccine was more than 90% effective. The news has boosted hopes for a return to normalcy in 2021 and has sent stocks soaring.
In addition to the vaccine news, investors were also encouraged by a report from the Labor Department that showed the number of Americans filing for unemployment benefits fell to 709,000 last week, the lowest level since the pandemic began.
The positive economic data and the vaccine news have helped to offset concerns about the rising number of COVID-19 cases in the United States. The country is now reporting more than 100,000 new cases per day, and the death toll has surpassed 250,000.
Despite the rising number of cases, investors are betting that the vaccines will eventually help to bring the pandemic under control and allow the economy to recover.
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