Dow rises for fourth straight day on optimism from COVID-19 vaccine

A sign for Wall Street hangs outside at the New York Stock Exchange on April 20. Stocks were down Friday morning ahead of President Donald Trump's news conference on China. Photo by John Angelillo/UPI

Aug. 5 (UPI) — The Dow Jones Industrial Average posted gains for a fourth consecutive day Wednesday amid positive news surrounding potential COVID-19 vaccines and a strong performance by Disney.

The blue-chip index ended the day up 373.05 points, or 1.39%, while the S&P 500 gained 0.64% and the Nasdaq Composite increased 0.52%.

Markets were impacted by Johnson & Johnson’s announcement that it had reached a deal with the U.S. government to produce and deliver 100 million doses of a potential COVID-19 vaccine.

Johnson & Johnson stock rose .8% following the announcement and Novavax stock rose 10.38% after the company announced its vaccine candidate had generated favorable immune response results following clinical trials in Australia.

Moderna stock fell 3.39% however after the company announced it would charge $32-$37 per ounce for its vaccine candidate, a higher price than Pfizer and BioNTech have agreed to with the U.S. government.

Airline stocks also received a boost after Senate Republicans supported providing an additional $25 billion in federal aid for the industry.

American Airlines stock increased 9.50%, United grew 4.46% and Delta rose 3.12%.

Disney also helped to push the markets higher as stocks rose 8.8%, after the company announced it has 100 million subscribers across its streaming services, including Disney+, Hulu and ESPN.

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