Advertisement

U.S. stocks soar Monday after promising study on COVID-19 vaccine

Following its worst week since late March, the Dow on Monday soared more than 900 points after the opening bell Monday. File Photo by John Angelillo/UPI
Following its worst week since late March, the Dow on Monday soared more than 900 points after the opening bell Monday. File Photo by John Angelillo/UPI | License Photo

May 18 (UPI) -- The Dow Jones Industrial Average soared Monday, climbing more than 900 points due partly to positive news about a potential coronavirus vaccine.

The bellwether U.S. index closed up 911.95 points, or 3.85 percent, after failing to record a single gain last week and recording its worst weekly performance since late March.

Advertisement

The S&P 500 climbed 3.15 percent and the Nasdaq Composite gained 2.44 percent. The Dow and S&P posted their largest single-day gains since April 8, while the Nasdaq had its best day since April 29.

Boosting U.S. stocks on Monday was an announcement from biotech firm Moderna that early trial results for a possible coronavirus vaccine are "positive."

Moderna stock soared 19.96 percent following the announcement.

The news also bolstered stocks that would be affected by lifting restrictions on business and increased travel with Disney gaining 7.15 percent and MGM resorts climbing 10.5 percent. Carnival Cruise lines increased 15.18 percent, while United Airlines stock skyrocketed 21.13 percent and Delta stock gained 13.85 percent.

Bank stocks also increased on Monday as Wells Fargo stock gained 8.68 percent, Citigroup stock increased 8.87 percent, Bank of America stock rose 6.90 percent and JPMorgan Chase stock grew 5.30 percent.

Advertisement

The Dow fell 270 points at the close Friday, which marked the index's fifth straight day of losses and its worst weekly performance since late March and the early weeks of the health crisis.

Latest Headlines