Global stock markets gained on Monday (Nov. 16) as investors welcomed signs of COVID-19 vaccine progress after Moderna Inc became the second drugmaker to report high efficacy for an experimental drug. In the United States (US), Wall Street built on the momentum from last week’s strong performance, with the Dow Jones and the S&P 500 finishing at record closing levels yesterday as promising developments toward a coronavirus vaccine raised hopes of a faster-than-expected global economic recovery. Moderna became the second US company to report positive results from its COVID-19 vaccine trial, sparking a rotation into cyclical and value shares.

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