Stocks Surged at Open on Powell Remarks, Vaccine Trial

U.S. stocks surged at open on Monday, as the Federal Reserve pledging more support for the recovery and Moderna’s success with a potential coronavirus vaccine helped to stir optimism on Wall Street. The Dow Jones Industrial Average lately rose 737.53 points, or 3.11%, to 24,422.95. The S&P 500 gained 77.80 points, or 2.72%, to 2,941.50. The Nasdaq Composite advanced 176.69 points, or 1.96%, to 9,191.25.

U.S. crude-oil prices climbed on 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 was up $2.51, or 8.5%, at $32.03 a barrel. The July contract climbed $2.72, or 9.2%, at $32.24 a barrel.

The chairman of the Federal Reserve on Sunday said the central bank has not exhausted its power to help the economy get through the coronavirus pandemic.

Moderna Inc. (MRNA), the biotechnology company, announced positive results from a Phase 1 clinical trial for its experimental mRNA coronavirus vaccine.