Stocks Ended Higher on Encouraging Vaccine News

U.S. stocks ended sharply higher on Monday, broadly encouraged by the steady flow of positive news over a coronavirus cure. The Dow Jones Industrial Average rose 327.79 points, or 1.12%, to 29,591.27. The S&P 500 climbed 20.05 points, or 0.56%, to 3,577.59. The Nasdaq Composite gained 25.66 points, or 0.22%, to 11,880.63.

Oil futures ended higher Monday, with support tied to continued progress on vaccines against COVID-19 even as the disease continues to rage anew in parts of the world. West Texas Intermediate crude for January delivery rose 64 cents, or 1.5%, to finish at $43.06 a barrel. January Brent crude rose $1.10, or 2.5%, to end at $46.06 a barrel.

President-elect Joe Biden has selected former Federal Reserve Chairwoman Janet Yellen to lead the Treasury Department, said a Wall Street Journal report on Monday citing unnamed sources.