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Stocks Jump the Most in Almost 6 Weeks; Oil Gains: Markets Wrap

  • Bond yields rise; Dollar weakens versus most major peers
  • Powell sees lengthy recovery though has more measures ready
Bloomberg business news
Chris Weston, head of research at Pepperstone Group, discusses the demand for safe havens amid the exuberance in markets.Source: Bloomberg
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Stocks surged 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%.