Dow surges 750 points as vaccine progress drives economic-reopening hopes

• US stocks surged on Monday as a coronavirus vaccine being developed by Moderna showed encouraging progress.
• In a small number of healthy volunteers, Moderna's vaccine helped create immune responses that may help protect people from being infected with the novel coronavirus.
• Investors have been closely watching for updates that can provide guidance around economic-reopening efforts, and were encouraged by Moderna's results.
• West Texas Intermediate crude oil futures skyrocketed as much as 11%, to $32.74 per barrel.
• Watch major indexes update live here.

US stocks surged on Monday as a coronavirus vaccine being developed by Moderna showed encouraging progress.

In a small number of healthy volunteers, Moderna's vaccine helped create immune responses that may help protect people from being infected with the novel coronavirus. The biotech is planning to start additional trials immediately and is aiming to be ready this fall for potential emergency use of its vaccine.

Investors have been closely watching for updates that can provide guidance around economic-reopening efforts, and were encouraged by Moderna's results.

Here's where US indexes stood shortly after the 9:30 a.m. ET market open on Monday:

• S&P 500: 2,939.89, up 2.7%
• Dow Jones industrial average: 24,431.90, up 3.2% (746 points)
• Nasdaq composite: 9,188.28, up 1.9%

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Moderna shares spiked as much as 30% on the news of its vaccine progress. The stock is now up roughly 334% year-to-date. The iShares Nasdaq Biotechnology ETF climbed 3% at intraday highs.

Investors also weighed headlines from Federal Reserve Chair Jerome Powell's appearance on "60 Minutes" Sunday evening. Powell said a US economic recovery may not arrive until the end of 2021, but also said he doesn't expect the current downturn to become a full-blown depression.

In the energy market, West Texas Intermediate crude oil futures skyrocketed as much as 11%, to $32.74 per barrel. International benchmark Brent crude climbed 7%, to $34.85, at intraday highs.

Read more: 'We have a depression on our hands': The CIO of a bearish $150 million fund says the market will grind to new lows after the current bounce is over — and warns 'a lot more pain' is still to come

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