United States stocks soared on Monday, erasing May losses, after drugmaker Moderna announced positive results from its first human trial of its COVID-19 vaccine. The trials boosted hopes that the medical community was making progress against the coronavirus.
The Dow Jones Industrial Average surged 813 points, or 3.4%, to 24,498. The S&P 500 rose 86 points, or 3%, to 2,950. The Nasdaq Composite added 222 points, or 2.5%, to 9,237.
Monday’s rally pushed major indexes into positive territory for the month after last week suffering the biggest weekly decline since March. The Dow is up 0.8% for the month, while the S&P 500 is 1.5% higher. The Nasdaq added to a monthly rise, bringing it to 4%.
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