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8/5, 10:00 PM (Source: TeleTrader)
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Dow closes 370 points higher on vaccine hopes

Stock markets on Wall Street closed in the green on Wednesday after Johnson & Johnson announced it struck a $1 billion deal with the American government to produce 100 million doses of its COVID-19 vaccine candidate. Novavax also reported phase one vaccine trial results that showed a positive immune response among patients. Meanwhile, on the data front, the Institute for Supply Management (ISM) said that US non-manufacturing activity rose in July while IHS Markit reported US services sector activity increased in July as well.

The Dow Jones Industrial Average index jumped 1.39%, or 373 points at the close with the Walt Disney & Co. rising by 8.86% while the S&P 500 climbed 0.64% as Assurant Inc. increased by 14.15%. The Nasdaq 100 added 0.26%. Monster Beverage Corp was the best performer going up by 6.53%.

The euro was 0.49% higher compared to the dollar to change hands at 1.18600 at 3:59 pm ET.

Breaking the News / TF