AP Business Writer
Stocks moved solidly higher on Wall Street in morning trading Monday, extending a global rally amid optimism about a potential vaccine for the coronavirus and hopes for a U.S. economic recovery in the second half of the year.
The S&P 500 was up 3.2%, on track for its best day since early April. The gains erased all of its losses from last week, when the index posted its worst decline in two months. Bond yields rose broadly in another sign of positive sentiment among investors.
Stocks were already headed for a higher opening on Wall Street when a drug company announced encouraging results in very early testing of an experimental coronavirus vaccine. The stock of the company, Massachusetts-based Moderna, jumped 23.4% in morning trading.