New Delhi, Nov 16 (IANS): US stock markets opened on a positive note on Monday after pharma giant Moderna announced that its vaccine has shown more than 94 per cent effectiveness in preliminary data from the company's ongoing study.

Moderna on Monday said that its experimental vaccine is 94.5 per cent effective in preventing Covid-19, boosting hopes of the economy emerging from a year of pandemic-induced downturn.

Post the announcement, Dow Jones Industrial Average opened at 29,845, higher by 347 points from its previous close.

Currently, its trading at 29,809.22, higher by 329.41 points or 1.12 per cent from its previous close.

The S&P 500 is trading at 3,608.70 points, higher by 23.55 points or 0.66 per cent from its previous close.

Moderna's announcement came just a week after Pfizer Inc had announced 90 per cent efficacy of its vaccine. Taken together, these two vaccines are firmly on course to seek emergency use authorisation from the US Food and Drug Administration if results hold out in the final study results due soon.