Coronavirus vaccine progress moving along swiftly

U.S. equity markets rallied Monday, closing near the highs of the session, as President Trump discussed progress on a coronavirus vaccine and Republicans readied their $1 trillion stimulus bill.


The Dow Jones Industrial Average added 114 points, or 0.43 percent, while the S&P 500 and the Nasdaq Composite were higher by 0.74 percent and 1.67 percent, respectively.

Trump, speaking during the final hour of trading at the Bioprocess Innovation Center at Fujifilm Diosynth Biotechnologies, noted the swift progress being made in the race for a coronavirus vaccine.

Earlier in the session, Moderna announced the beginning of a Phase 3 trial for its experimental COVID-19 vaccine. Novavax also rose in tandem.

Along with the progress on a vaccine, Senate Majority Leader Mitch McConnell, R-Ky., is set to unveil his $1 trillion coronavirus relief proposal, which reduces the recently expired unemployment benefits, sends a $1,200 check to Americans making less than $75,000 a year and provides billions of dollars of aid to schools and universities. Congress has just one week before a planned recess to bridge the gap between the Republican plan and the $3 trillion package passed by House Democrats in May. Read more at FOX Business