Dow dips, but still on track for best month since 1987 amid vaccine progress

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Dow dips, but still on track for best month since 1987 amid vaccine progress
Lucas Jackson/Reuters
  • 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.
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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:

Read more: Buy these 10 stocks set to soar and smash Wall Street's expectations in the recovery from COVID-19, RBC says

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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.

Read more: GOLDMAN SACHS: Buy these 16 stocks that are underestimated for now, but should crush expectations in 2021-22 on the way to at least 20% upside

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