Stocks on Monday finished higher, with the S&P 500 posting its best session in nine months, as the bond market stabilized and U.S. clearance of Johnson & Johnson’s (JNJ) one-shot COVID-19 vaccine boosted market sentiment.
The Dow Jones Industrial Average finished up 603 points, or 1.95%, to 31,535, the S&P 500 rose 2.38% for its best day since June, and the Nasdaq advanced 3.01%.
The Dow industrials on Monday were up as much as 2.4%, or 736 points.
Benchmark Treasury yields traded at 1.45% on Monday, retreating from last week's one-year highs of 1.6%, which were spurred by expectations of stronger growth and concern that inflation would rise along with an economic recovery.
The Dow tumbled 469 points on Friday as the jump in interest rates unsettled investors on Wall Street. For the week, the Dow fell 1.8%, the S&P 500 declined 2.5% and the Nasdaq sank 4.9%.
Johnson & Johnson's COVID-19 vaccine received the expected approval from the Centers for Disease Control and Prevention on Sunday, allowing the health-care giant to begin distributing the vaccine in the U.S.
J&J's vaccine is the third vaccine authorized in the U.S. to combat the spread of the virus that causes COVID-19, the disease that has killed more than 514,000 Americans. The shot was cleared by the Food and Drug Administration on Saturday.
Exxon Mobil (XOM) rose nearly 4% Monday after the second-biggest oil company added activist investor Jeff Ubben and former Comcast executive Michael Angelakis to its board.
Critics have pushed Exxon to accelerate its transition to lower-carbon strategies.
The contributions of Ubben and Angelakis “will be valued as Exxon Mobil advances plans to increase shareholder value by responsibly providing needed energy while playing a leadership role in the energy transition,” Exxon CEO Darren Woods said in a statement.
Meanwhile, President Joe Biden's $1.9 trillion pandemic relief bill, approved early Saturday by the U.S. House of Representatives, now goes to the Senate for approval.