S&P jumps 3% on vaccine hopes

S&P jumps 3% on vaccine hopes

U.S. stocks soared Monday, and the S&P 500 closed at a 10-week high.

As Fred Katayama reports, encouraging data for a potential coronavirus vaccine and the promise of more stimulus for the economy sent investors on a buying spree.

Progress on a vaccine sent U.S. stocks soaring on Monday.

The Dow surged more than 900 points, and the S&P 500 closed at a 10-week high, wiping out all of last week's losses.

The blue chip index led the pack, gaining 3.9%.

The S&P tacked on 3%, and the Nasdaq rose 2.4%.

Moderna - the company which said early human tests of its vaccine were promising - saw its shares rise nearly 20%.

Despite investors' enthusiasm, WealthWise Financial President Loreen Gilbert cautioned that there still might not be a vaccine anytime soon.

"Once we truly have a vaccine and the population is vaccinated, people will be able to get back to work.

People will have confidence to travel.

But in my estimation, that is still a long road ahead." Investors were also encouraged by Fed Chair Jerome Powell's comments over the weekend affirming that more monetary stimulus was on the way if required.

Battered stocks were among the biggest winners.

Boeing tacked on 13%.

Cruise line operators like Royal Caribbean Cruises and Norwegian Cruise Line joined airlines like United and Delta to post double digit gains.

Delta said it would resume flying several major routes in June.

The transport rally extended to autos.

GM, Ford and Fiat Chrysler climbed more than 8% as they took steps to restart their North American plants.

Uber shares rose.

The ride-sharing company announced it will cut thousands of more jobs and close or consolidate dozens of offices.