The Dow Jones Industrial Average hit a record Monday after a second set of upbeat test results from a potential Covid-19 vaccine lifted shares of companies that have been walloped by the pandemic.
The index of blue-chip companies was up about 315 points, or 1.1%, at 29795 in recent trading, after touching an intraday record of 29942.88. The climb put the Dow within striking distance of the 30000 mark—a milestone that the index has neared but never reached.
Gains were wide-ranging. Shares of several tech stocks rallied alongside banks, retailers, oil companies and travel stocks. The S&P 500 rose 0.6% after settling Friday at a record. The Nasdaq Composite rose 0.3%.
The moves came after Moderna said its experimental vaccine was 94.5% effective at protecting people from Covid-19 in an early look at pivotal study results, making it the second vaccine to hit a key milestone. Last week, Pfizer and partner BioNTech said its vaccine proved better than expected at protecting people from Covid-19.
U.S. stocks have surged recently, with the Dow industrials and S&P 500 both posting double-digit gains so far this month. Analysts had expected volatility in the weeks following the election, but optimism about a vaccine has turbocharged bets on a faster economic recovery and powered indexes higher.