The Dow Jones Industrial Average closed up more than 500 points on Tuesday after news that biotech company Novavax had begun human trials for a potential COVID-19 vaccine and more parts of the US and several European economies reopening after lockdowns.
The Dow closed just shy of 25,000 on Tuesday, for a time crossing what analysts have identified as an important psychological barrier to economic recovery after the coronavirus pandemic.
On Tuesday morning, vaccine maker Novavax announced it had begun phase 1 clinical trials of a potential COVID-19 vaccine by giving 130 healthy adult volunteers in Australia two doses of the drug, called NVX-CoV2373. Other firms, including Pfizer and Moderna, are also racing to develop a vaccine.
Over the weekend, several restrictions to regular economic activity put into place to prevent the spread of COVID-19 began to be lifted in Italy, Spain, and the United States, and the United Kingdom announced future plans for how such a reopening work unfold. The WSJ noted that bookings for hotels and airline flights were increasing.
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