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Dow closes at record high on Moderna coronavirus vaccine news

Stock markets on Monday reacted positively to news that U.S. biotech company Moderna's ($MRNA) coronavirus vaccine was at least 94% effective at preventing COVID-19 in preliminary testing.

The Dow Jones Industrial Average closed at a record high of 29,951 points, up 1.6%. The S&P 500 and Nasdaq composite index also closed up 1.2% and 0.8%, respectively.

Early on Monday, Moderna announced that it intends to submit the drug for an emergency use authorization with the Food and Drug Administration in the coming weeks.

If all goes smoothly, the company expects to have approximately 20 million doses of the drug ready to ship in the United States by the end of this year. It seeks to manufacture between 500 million and 1 billion doses globally in 2021.