Markets rise as another prospective COVID-19 vaccine reported

Markets rose on Monday.

The S&P 500 and the STOXX Europe 600 both rose 1.2 percent while the Nikkei 225 surged 2.1 percent.

Oil rose, with US crude rising 3.0 percent and Brent gaining 2.4 percent.

Markets were boosted after Moderna said its prospective vaccine was 94.5 percent effective in preventing COVID-19.

Still, with increasingly strict limits on social gatherings and commercial activity being announced in the US recently, Andrew Mies, chief investment officer at 6 Meridien, said: “You are definitely going to see the economy have another dip, another weak spot, and they are going to have to address that with extended unemployment because a lot of people are out of work and aren’t going to see any income coming in.”