Hopes on Vaccine Buoy Global Stocks! Dow Futures Climbs Nearly 500pts!

Global stocks edged higher on Tuesday on hopes for the coronavirus vaccine, developed by Novavax.

 

European markets traded in the positive territory in the morning session. DAX rose 0.84%, FTSE jumped 2.09%, CAC soared 1.33%, and STOXX 600 increased 1.09%.

Meanwhile, stocks in Asia also continued their rallies as well. SET jumped 1.54% to 1,341.36 points, Nikkei hiked 2.55%, SSEC gained 1.01%, HSI advanced 2.06%, ASX 200 expanded 2.93% and Kospi rose 1.76%.

The positive sentiment on the potential vaccine also pointed to a gain in Wall Street as well. Dow Jones Futures gained 477 points or 1.95% to 24,901 points, S&P 500 Futures jumped 1.82% and Nasdaq Futures edged 1.81% higher.

 

Overnight, Novavax, an American vaccine development company, said that it has started the phase 1 clinical trial of a coronavirus vaccine candidate and has enrolled the trial’s first participants. The results of the trial are scheduled to be published in July.

As many countries started to gradually ease their lockdown after a month, at least, of business closures to keep their citizens at home to contain the spreading of coronavirus, the vaccine could be the key for everyone to return to normal lives prior to the pandemic. Thus, the economic recovery could return faster than expected.