Why Moderna Stock Skyrocketed Today While the Stock Market Crashed

Shares of Moderna (NASDAQ: MRNA) were skyrocketing 27.9% higher as of 3:04 p.m. EDT on Monday. This huge jump came after Moderna announced that the first patient has been dosed in an early-stage clinical study for its experimental novel coronavirus vaccine mRNA-1273.

Moderna's announcement was a rare piece of good news on Monday. Most stocks were slammed as worries mounted about the COVID-19 pandemic. The Federal Reserve Board announced that it was cutting interest rates to 0% and resuming its quantitative easing program. But those actions only added to investors' fears about the havoc the coronavirus outbreak will potentially wreak on the global economy.

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Source Fool.com