This archive report was first published on 19 May 2020.
On May 18, 2020, US markets closed on a high note, driven by hopes of a COVID-19 vaccine. According to reports, Moderna's early-stage trials of the vaccine had shown promising results, with phase 3 trials expected to start in July.
As a result, the Dow Jones surged 3.85%, the S&P 500 rose 3.15% to a 10-week high, and the Nasdaq 100 gained 1.96%. The boost was largely attributed to airline stocks.
Meanwhile, oil prices also rose, with West Texas Intermediate (WTI) futures increasing by 10% and Brent rising by more than 6% at 8:40 Eastern Time.
As countries begin to ease coronavirus lockdowns, optimism about increased demand has led to a rise in oil prices. The easing of lockdowns has also had a positive impact on businesses, which were forced to close due to the pandemic.
Additionally, the Nikkei Asian Review reported that Zoom Video Communications would not allow individual users from China to sign up for new accounts. Existing users from China would still be able to join meetings but would not be able to hold them.
