S&P/ASX 200 rallies 2.1% after COVID-19 vaccine shows positive results in early trial

S&P/ASX 200 (INDEXASX:XJO) surged by 2.1% per cent to 5,575 at 2.30 PM following encouraging phase 1 results for a potential US COVID-19 vaccine.

The index is near a 10-week high after the experimental vaccine from Moderna Inc (NASDAQ:MRNA) showed promising early signs that it can create an immune-system response in the body that could help fend off the new coronavirus.

Last night the Dow Jones surged by close to 4% while Moderna jumped by 20%.

Markets were quick to react to the vaccine news, as it would obviously not only go a long way in dealing with the health crisis, but also create confidence in the economic reopening process.

However, the vaccine excitement may quickly fade as phase 2 trials have only just begun.

Mining stocks gain

Mining majors joined the rally with BHP Group Ltd (ASX:BHP) rising 5.3% and Rio Tinto Limited (ASX:RIO) up 4.5%.

Australian explorers with a price increase today include Element 25 Ltd (ASX:E25) (+95%), Anson Resources Ltd (ASX:ASN) (+22%) and Legend Mining Limited (ASX:LEG) (+11%).

Oil on a roll

Emperor Energy Ltd (ASX:EMP) shares doubled as energy stocks are continuing to stand out for a second day thanks to solid gains in oil prices.

The price of oil surged 8.1% last night to US$31.82 per barrel on optimism that the easing of lockdown restrictions would boost oil demand.

Security software solutions provider Cipherpoint Ltds (ASX:CPT) shares are trading 54% higher, at 2 cents.

Proactive news headlines:

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