Investing.com – The Dow notched its fourth-straight daily gain on Wednesday as positive vaccine news and earnings from banks boosted investor sentiment.
Drugmaker Moderna (NASDAQ:MRNA) jumped 6.9% after reporting that its coronavirus vaccine candidate, mRNA-127, produced antibodies in patients aged 18 to 55, suggesting the treatment could protect against infection by the virus.
Some on Wall Street, however, said it was too early to draw a conclusion from the early-stage clinical data.
“Many open questions obviously remain, including on immune response durability, and what the profile might look like in older adults, but we believe the data represent a good start,” Chardan analysts said in a note.
Covid-19 cases meanwhile continued to mount, led by virus hotspots across the U.S. including California, Arizona, Florida and Texas.
Financials, meanwhile, eased from session highs as Goldman Sachs pared some gains following a blowout quarterly report.
Goldman Sachs Group (NYSE:GS) rose 1.3% after reporting second-quarter earnings of $6.26, above consensus estimates of $3.90, led by strong performance in its trading division.
In tech, FAANG stocks traded mix as the intraday bid in megacap tech faded.
Apple (NASDAQ:AAPL) gave up some gains after rising more than 2% following an upgrade from Needham and reports that the tech giant had won a legal dispute over a $14.8 billion tax battle with the European Union.
Needham upgraded its rating on the stock to $450 from $350, citing the value of its ecosystem.
Energy continued its strong start to the week boosted by rising oil prices as data showing a larger-than-expected draw U.S. crude supplies offset worries over waning demand amid reports that some major oil producing nations are set to rein in production cuts.
Elsewhere, Beyond Meat (NASDAQ:BYND) climbed 3% after the plant-based food company announced an expansion into Brazil.