Stocks Ended Higher, Dow Surged More than 900 Points

U.S. stocks ended sharply higher on Monday, with the Dow surging more than 900 points, as news of Moderna’s success with a potential coronavirus vaccine and the Federal Reserve pledging more support for the recovery helped to stir optimism on Wall Street. The Dow Jones Industrial Average surged 911.95 points, or 3.85%, to 24,597.37. The S&P 500 gained 90.21 points, or 3.15%, to 2,953.91. The Nasdaq Composite advanced 220.27 points, or 2.44%, to 9,234.83.

Oil futures rallied Monday, supported in large part by efforts to rebalance a supply-demand dynamic that has been blown out of whack due to the debilitating effects of the COVID-19 pandemic. West Texas Intermediate crude for June delivery rose $2.39, or 8.1%, to settle at $31.82 a barrel. July Brent crude gained $2.31, or 7.1%, at $34.81 a barrel.

Federal Reserve Chairman Jerome Powell said the central bank can still do more to soften the economic blow of the coronavirus pandemic, telling CBS’s 60 Minutes that a recovery is possible in the second half of the year.