S&P 500 closes at 10-week high on vaccine hopes, stimulus pledge

spike

NEW YORK (Reuters) – U.S. stocks jumped on Monday, and the S&P 500 closed at a 10-week high, on encouraging early-stage data for a potential coronavirus vaccine and on the promise of more stimulus to lift an economy beaten down by the pandemic.

Drugmaker Moderna Inc (MRNA.O) surged 19.96% after the company said its experimental COVID-19 vaccine showed promising results in a small 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 range in May as investors weighed the hopes of an economic recovery

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Stimulus, vaccine hopes drive S&P 500 to 10-week high

spike

(Reuters) – U.S. stocks surged on Monday, with the S&P 500 hitting a 10-week high, as encouraging early data from a potential coronavirus vaccine trial boosted sentiment, with investors also hoping for stimulus to cushion the economic blow from the pandemic.

Drugmaker Moderna Inc (MRNA.O) said its experimental COVID-19 vaccine showed promising results in a small early-stage trial, boosting futures in premarket trading. Its own shares jumped 24.7%.

After surging about 34% from a multi-year low hit in March, the S&P 500 has traded in a tight range this month as investors weighed hopes of an economic recovery

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