Stock Jumped at open as Vaccine Rollout Began

U.S. stocks jumped at open on Monday as investors eyed the rollout of the first coronavirus vaccines in the U.S. and anticipated that Washington lawmakers will break a deadlock over a stimulus package. The Dow Jones Industrial Average lately rose 189.45 points, 0.63%, to 30,235.82. The S&P 500 added 23.24 points, or 0.63%, to 3,686.70. The Nasdaq Composite gained 89.03 points, or 0.72%, to 12,466.90.

Oil futures rose Monday, with support tied to the U.S. rollout of the a COVID-19 vaccine, as well as an explosion on an oil tanker docked at the Saudi Arabian port of Jeddah. West Texas Intermediate crude for January delivery rose 46 cents, or 1%, to $47.03 a barrel. February Brent crude was up 52 cents, or 1%, at $50.49 a barrel.

The first doses of Pfizer (PFE) and BioNTech’s (BNTX) COVID-19 vaccine are due to be administered to Americans on Monday, after the Food and Drug Administration granted the inoculation emergency use authorization for those aged 16 and older on Friday.

Moderna’s (MRNA) vaccine, which uses similar technology to Pfizer’s, is under review with the FDA as well and could be granted authorization in the coming days. The U.S. government on Friday said it doubled its orders of Moderna’s vaccine to 200 million.