Morning Report 19 May 20: Stocks surge as investors focus on prospects for COVID-19 vaccine

US sharemarkets soared on Monday. Drugmaker Moderna's shares rallied by 20% after the company reported "positive" phase one results for a potential COVID-19 vaccine. The S&P airlines sub index added 13.9% as Delta Air Lines (+13.9%) said it would resume flights in June. United Airlines (+21.1%) and Boeing (+12.9%) shares both lifted. At the close of trade, the Dow Jones index rose by 912 points or 3.9%. The S&P500 index was higher by 3.2% and the Nasdaq index rose by 220 points or 2.4%.

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