S&P closes at 10-week high on vaccine hopes, stimulus pledge; Dow up 3.8%

US stocks jumped on Monday, and the S&P 500 closed at a 10-week high, on encouraging early-stage data for a potential coronavirus vaccine and on the promise of more stimulus to lift an economy beaten down by the pandemic.

Drugmaker Moderna Inc surged 19.96 per cent  after the company said its experimental COVID-19 vaccine showed promising results in a small early-stage trial.

After rallying more than 32 per cent  from a multi-year low hit in March, the S&P 500 had been trading in a tight range in May as investors weighed the hopes of an economic recovery against the fears