Stocks Opened Sharply Higher as Vaccine Hopes Surged

U.S. stocks opened sharply higher on Monday, after Moderna announced upbeat data for its COVID-19 vaccine candidate, building on hopes that an effective inoculation will soon be available. The Dow Jones Industrial Average lately rose 329.44 points, or 1.12%, to 29,809.25. The S&P 500 added 24.32 points, or 0.68%, to 3,609.47. The Nasdaq Composite gained 22.04 points, or 0.19%, to 11,851.32.

Oil futures extended gains Monday, trading solidly higher after Moderna Inc. said its vaccine candidate was highly effective in preventing new COVID-19 infections. West Texas Intermediate crude for December delivery jumped $1.69, or 4.2%, to $41.82 a barrel. January Brent crude was up $1.69, or 4%, at $44.47 a barrel.

Moderna Inc. said Monday that its COVID-19 vaccine candidate met its primary endpoint in a Phase 3 trial, demonstrating 94.5% efficacy, a far higher rate than originally expected.