Name: S&P 500 closes at 10-week high on vaccine hopes, stimulus pledge
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S&P 500 closes at 10-week high on vaccine hopes, stimulus pledge

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By NEW YORK (Reuters) - U.S. stocks jumped on Monday, and the S&amp;P 500 closed at a 10-week high, on encouraging early-stage data for a potential coronavirus vaccine and on the promise of more stimulus to lift an economy beaten down by the pandemic.After rallying more than 32% from a multi-year low hit in March, the S&amp;P 500 had been trading in a tight range in May as investors weighed the hopes of an economic recovery against the fears of another wave of infection as states lifted virus-led restrictions.“The fact that Moderna came out with the Phase 1 trial that seems to be positive, that certainly is igniting the storm,” said Ken Polcari, chief market strategist at SlateStone Wealth LLC in Jupiter, Florida. “That will ignite the storm because if there is a vaccine then all this uncertainty about the economy and the virus goes away.”Stocks that have been particularly battered by government lockdown measures implemented to stem the spread of the coronavirus surged on Monday.The benchmark S&amp;P 500 notched its biggest one-day percentage gain since April 8, with all 11 major S&amp;P sectors higher.Markets also took heart from comments by Federal Reserve Chair Jerome Powell over the weekend forecasting a gradual economic recovery and his affirmation that more monetary stimulus would be on the way if required. Powell is set to speak before the Senate Banking Committee on Tuesday to discuss how economic rescue efforts are working.Advancing issues outnumbered declining ones on the NYSE by a 7.12-to-1 ratio; on Nasdaq, a 4.43-to-1 ratio favored advancers.The S&amp;P 500 posted 22 new 52-week highs and no new lows; the Nasdaq Composite recorded 88 new highs and seven new lows.Volume on U.S. exchanges was 12.63 billion shares, compared to the 11.4 billion average for the full session over the last 20 trading days.Reporting by Chuck Mikolajczak; Editing by Leslie AdlerOur Standards:

By NEW YORK (Reuters) - U.S. stocks jumped on Monday, and the S&amp;P 500 closed at a 10-week high, on encouraging early-stage data for a potential coronavirus vaccine and on the promise of more stimulus to lift an economy beaten down by the pandemic.After rallying more than 32% from a multi-year low hit in March, the S&amp;P 500 had been trading in a tight range in May as investors weighed the hopes of an economic recovery against the fears of another wave of infection as states lifted virus-led restrictions.“The fact that Moderna came out with the Phase 1 trial that seems to be positive,...

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Chuck Mikolajczak

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S&P 500 closes at 10-week high on vaccine hopes, stimulus pledge

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