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* Moderna jumps after COVID-19 vaccine update; Pfizer falls
* Banks, airlines, cruise operators rally
* Stay-at-home winners Netflix, Amazon fall
* Indexes up: Dow 1.2%, S&P 0.8%, Nasdaq 0.6%
Nov 16 (Reuters) - Wall Street's main indexes rose on Monday
after Moderna became the second U.S. company in a week to report
positive results from its COVID-19 vaccine trial, raising hopes
of a quicker economic recovery from a pandemic-led recession.
Moderna Inc soared 8% as it said its experimental
vaccine was 94.5% effective in preventing COVID-19 based on
interim data from a late-stage trial.
Nasdaq's rise was limited as investors sold some of
this year's "stay-at-home" winners, although gains of about a
percent for Dow were less stellar than those following a similar
vaccine-related update from Pfizer Inc a week earlier,
that briefly sent all the three main indexes to record highs.
"It's not the end of the virus issue, but it's the first
sign of the beginning of the end which is always taken as a
positive sign," said Randy Frederick, vice president of trading
and derivatives for Charles Schwab in Austin, Texas.
"We won't get a true impact from this until the vaccine is
manufactured and distributed widely, which probably won't happen
until Q1 next year."
Travel-related stocks including United Airlines Holdings Inc
, American Airlines Group Inc, Carnival Corp
and Norwegian Cruise Line Holdings Ltd, which
have lost more than half their market capitalization this year
due to the pandemic, jumped between 3.7% and 9.0%.
Bets of a working COVID-19 vaccine fueled gains on Wall
Street last week, helping investors look past surging
coronavirus cases across the United States which topped the 11
million mark, just over a week after hitting 10 million.
The benchmark S&P 500 and the small-cap Russell 2000
ended Friday at record closing highs, while the
technology-heavy Nasdaq fell slightly.
At 09:50 a.m. ET the Dow Jones Industrial Average
rose 360.47 points, or 1.22%, to 29,840.28, the S&P 500
gained 29.36 points, or 0.82%, to 3,614.51 and the Nasdaq
Composite gained 67.22 points, or 0.57%, to 11,896.50.
The S&P energy sector added 3.0%, while banks
rose 2.2%, building on gains from last week.
Value shares, that comprise banks and energy stocks
and tend to outperform coming out of a recession, added about
1%, while growth shares, which are technology weighted,
were nearly flat.
Better-than-expected factory output data from China also
bolstered optimism about a rebound from a coronavirus-induced
slump, pushing global stocks closer to record highs on Monday.
Among other stocks, Simon Property Group Inc jumped
6% after the biggest U.S. mall operator cut its purchase price
for an 80% stake of rival Taubman Centers Inc, as the
virus outbreak upends the retail industry.
Advancing issues outnumbered decliners by 4.6-to-1 on the
NYSE; on Nasdaq, a 3.3-to-1 ratio favored advancers.
The S&P 500 posted 24 new 52-week highs and no new low,
while the Nasdaq Composite recorded 155 new highs and five new
(Reporting by Medha Singh and Shivani Kumaresan in Bengaluru;
Editing by Sagarika Jaisinghani and Shounak Dasgupta)