NEW YORK (Reuters) – U.S. stocks jumped on Monday, and the S&P 500 closed at a 10- week high, on motivating early-stage information for a prospective coronavirus vaccine and on the guarantee of more stimulus to raise an economy beaten down by the pandemic.
Drugmaker Moderna Inc ( MRNA.O) surged 19.96?ter the business said its experimental COVID-19 vaccine showed appealing lead to a little early-stage trial.
After rallying more than 32%from a multi-year low hit in March, the S&P 500 had been trading in a tight variety in Might as investors weighed the hopes of an economic recovery versus the worries of another wave of infection as states lifted virus-led limitations.
” The reality that Moderna came out with the Phase 1 trial that seems to be positive, that definitely is firing up the storm,” said Ken Polcari, chief market strategist at SlateStone Wealth LLC in Jupiter, Florida. “That will ignite the storm due to the fact that if there is a vaccine then all this uncertainty about the economy and the infection goes away.”
Stocks that have actually been particularly battered by federal government lockdown procedures carried out to stem the spread of the coronavirus rose on Monday.
Travel-related stocks were among the most significant gainers, with cruise line operators Carnival Cor