Dow dips, but still on track for best month since 1987 amid vaccine progress
- Major US stock indexes tumbled on Monday.
- Despite a decline, the Dow Jones industrial average is still on track for its best monthly gain since 1987.
- Major US equity indexes have seen strong increases in November as Moderna and Pfizer announced COVID-19 vaccine progress that's boosted hopes of swift economic reopenings.
- Watch major indexes update live here.
US stocks traded mostly lower on Monday, but the Dow Jones industrial average is still on pace for its best monthly gain since 1987. The index is up 11.6% month-to-date.
Investors remain optimistic that a successful COVID-19 vaccine will help jump-start a swift reopening of the economy in 2021.
On Monday, Moderna surged after it announced that its vaccine was found to be 94% effective and that it would apply for emergency use authorization from the Food and Drug Administration
Here's where US indexes stood at 11 a.m. ET on Monday:
- S&P 500: 3,610.45, down 0.8%
- Dow Jones industrial average: 29,584.04, down 1.1% (327 points)
- Nasdaq composite: 12,099.05, down 0.9%
S&P Global said it would acquire IHS Markit in an all-stock deal worth $44 billion. IHS Markit traded up as much as 7% as investors cheered a merger of two data providers.
DoorDash and Airbnb remain on the path to go public by the end of this year, as they both seek increased valuation debuts in a surging stock market. A filing on Monday said DoorDash was aiming for a valuation of up to $27 billion, with proceeds of roughly $2.8 billion.
Oil prices fell. West Texas Intermediate crude dropped as much as 2.4%, to $44.42 per barrel. Brent crude, oil's international benchmark, declined 2.8%, to $46.85 per barrel, at intraday lows.
Gold declined as much as 1.3%, to $1,764.80 per ounce.