Monday U.S. stocks increased after drug maker Moderna (mRNA + 19.96%) reported positive results for a coronavirus vaccine trial.
While lockdowns continued to ease nationwide, market sentiment was also boosted by the U.S. Federal Reserve Chairman Jerome Powell’s comments over the weekend that the central bank still had the tools to support the economy.
The Dow Jones industrial average rose 912 points (+ 3.9%) to 24597, the S&P 500 jumped 90 points (+ 3.2%) to 2953, and the Nasdaq 100 rose 179 points (+ 2.0%) to 9331.
Automobiles & Components (+ 9.23%), Energy (+ 7.55%) and Banks (+ 7.18%) sectors performed best.
Shares in travel-related sectors such as Norwegian Cruise Line (NCLH + 17.95%), United Airlines (UAL + 21.13%) and Expedia (EXPE + 18.62%) were the biggest winners in the S&P 500.
General Motors (GM + 9.63%), Ford (F + 8.37%), Best Buy (BBY + 10.88%) and FedEx (FDX + 10.85%) also got big.
On the technical side, approx. 26.2% (26.6% in the previous session) of stocks in the S&P 500 index above their 200-day moving average and 38.6% (37.8% in the previous session) were above their 20-day moving average.
Later today, the U.S. official data on Housing Starts for April (a fall to an annual rate of 904,000 units expected) is released.
European stocks also saw a beef gain, with the Stoxx Europe 600 index up 4.1%. Germany’s DAX rose 5.7%, France’s CAC jumped 5.2%, and Britain’s FTSE 100 rose 4.3%.
U.S. Treasury prices eased further as the benchmark 10-year Treasury yield rose to 0.741% from 0.640% Friday, its highest level in over five weeks.
Spot gold price stopped a four-session rally as it withdrew $ 10 (-0.6%) to $ 1,730 per share. Ounce.
Oil prices were constantly rising as the U.S. WTI crude oil futures (June) charged 8.1% higher to $ 31.82 per share. Barrel.
On the forex front, ICE U.S. The dollar index slipped 0.8% on the day to 99.62, while promising trial results from Moderna’s coronavirus vaccine lifted investors’ risk appetite.