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Dow Jones Nears 30,000 After Positive Vaccine News

U.S. stocks surged on Nov.16 as news of vaccine breakthroughs continue to fuel the market rally. The Dow Jones Industrial Average rose more than 470 points, closing at a record high of 29,950 after biotech firm Moderna Inc. announced that its coronavirus vaccine candidate was 94.5 percent effective. Since the start of this month, the Dow has risen more than 10 percent and is edging toward the 30,000 mark, a key milestone for the index. Moderna’s phase 3 study enrolled more than 30,000 participants in the United States, the company said in a press release. The Massachusetts-based firm plans to submit for an Emergency Use Authorization (EUA) with the U.S. Food and Drug Administration. The company’s CEO Stéphane Bancel earlier said its vaccine candidate could receive the authorization in December “if all goes according to plan.” Moderna expects to have nearly 20 million doses of vaccine ready for shipment in the United States by …