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US stocks climb on healthcare and lower yields
U.S. stocks rose today, supported by the healthcare sector and declining bond yields, after late-stage clinical trial results showed that Moderna's personalized cancer treatment using mRNA technology reduces the risk of skin cancer recurrence and spread, leading to the company's shares more than doubling. Merck's shares increased by 11.2%, Novavax's by 6%, and BioNTech's by 21%, helping the S&P 500 index climb by 2.9% to a record high. This came amid a decline in 30-year U.S. Treasury bond yields to 5.203%, and expectations of reduced interest rate hikes by the Federal Reserve, according to market data, which boosted investors’ appetite for high-risk assets.
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