the most in almost six weeks after promising early results for an experimental vaccine sparked speculation economies could snap back quickly. Crude oil advanced and yields on Treasuries rose.
The S&P 500 surged 3.2% after Moderna Inc. said its vaccine tests yielded signs it can create an immune-system response in the body. Companies that would benefit from a return toward more normal economic activity rallied. Carnival Corp. jumped 15%, while Delta Air Lines and Live Nation Entertainment climbed more than 13%. Energy producers popped 7.5% and real-estate firms added almost 5%.
The risk-on rally comes as more economies around the world and within the U.S. ease restrictions that created one of the steepest downturns since the Depression. Federal Reserve Chairman Jerome Powell stressed the central bank has more ammunition to combat weakness. The Stoxx Europe 600 jumped the most since March, while indexes in Japan, Hong Kong and South Korea all posted modest advances.
The S&P 500 surged 3.2% after Moderna Inc. said its vaccine tests yielded signs it can create an immune-system response in the body. Companies that would benefit from a return toward more normal economic activity rallied. Carnival Corp. jumped 15%, while Delta Air Lines and Live Nation Entertainment climbed more than 13%. Energy producers popped 7.5% and real-estate firms added almost 5%.
The risk-on rally comes as more economies around the world and within the U.S. ease restrictions that created one of the steepest downturns since the Depression. Federal Reserve Chairman Jerome Powell stressed the central bank has more ammunition to combat weakness. The Stoxx Europe 600 jumped the most since March, while indexes in Japan, Hong Kong and South Korea all posted modest advances.