US stocks were poised to close higher after initial data from a phase 3 trial showed Moderna's (MRNA) COVID-19 vaccine was more effective than another treatment unveiled by Pfizer (PFE) and BioNTech (BNTX) a week ago and easier to store and transport.
The Dow Jones Industrial Average hit an all-time intraday high of 29,942.88 before easing off that level. The Dow was up 1.3% to 29,860.32 in late trading. The S&P 500 was higher by 0.9% to 3,616.91, while the Nasdaq Composite was up by 0.6% to 11,893.71. Energy was the biggest gainer among the sectors, with health the only one seeing red on Monday.
West Texas Intermediate crude futures climbed by 3.1% to $41.36.