There's more promising news on the COVID-19 vaccine front as Moderna says its shot provides strong protection against the coronavirus.

Monday's announcement comes a week after Pfizer revealed its own vaccine to be similarly effective.

The announcements come as the virus surges in the U.S. and around the world. Moderna said of 95 infections so far in its 30,000-person study, all but five were in people who got dummy shots.

Both Moderna and Pfizer are on track to seek permission for emergency use in the U.S. within weeks.

Still, initial supplies will be limited and rationed.