Vaccine optimism once again sent U.S. Equity Markets to all-time high, led by the Dow which closed just below 30,000 with a gain of 1.60%. Moderna said that the vaccine met its primary endpoint for efficacy. MRNA also said that its vaccine was 94.5% effective in the trials. The company said it will apply for emergency use authorisation in the coming weeks. Just like Pfizer and BioNTech’s release last week, this news sparked optimism that we could return to normal in the near future. In terms of Economic data, Empire Manufacturing data fell short of estimates, but the survey showed that manufacturers still have high expectations for expansion in the coming months. Federal Reserve Vice Chair Richard Clarida said the central bank is still committed to supporting the economy by using all of its available tools. While this is nothing new, it reinforces that more stimulus could be on the way if the economy slows again. European Indices again closed higher. German Chancellor Angela Merkel and the heads of the country’s 16 states were said to be considering stricter measures to try and contain the Coronavirus resurgence. The French government came under increasing pressure to ease lockdown measures as Catholics demanded the allowance of religious mass once more. Germany’s Bundesbank said the nation’s economy could see no growth or contract in the fourth quarter due to new Coronavirus restrictions, but a pullback like the one we experienced this past spring is unlikely. Elsewhere, Oil closed 3% higher, on growth optimism after Moderna’s positive release on a COVID-19 vaccine, while Gold closed flat after a volatile trading session.
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