Wall Street Rises as Yields Ease and Moderna Lifts Healthcare Sector
· Business · LiveMint, Reuters, Economic Times
Major U.S. stock market indexes posted modest gains on Wednesday as easing government bond yields boosted investor risk appetite. The S&P 500 healthcare sector surged more than 3%, hitting a record high, driven by a dramatic rally in shares of vaccine-maker Moderna. Moderna shares jumped more than 137% after the company announced its personalized mRNA cancer therapy developed with Merck successfully reduced melanoma recurrence and spread in a late-stage trial. Merck shares rose about 12%, leading gains on the blue-chip Dow, while Novavax and BioNTech also saw significant increases. Meanwhile, investors largely brushed off minutes from the U.S. Federal Reserve's July meeting, which revealed continued inflation concerns and potential readiness among policymakers to raise interest rates further.
Why it matters
The healthcare sector rally and easing bond yields provide temporary relief to broader financial markets after recent technology sector sell-offs driven by rising borrowing costs.
Read the original report — LiveMint
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