S&P and Dow advance, Treasury yields soar on potential vaccine

The Dow Jones Industrial Average rose 834.57 points, or 2.95%, to 29,157.97, the S&P 500 gained 41.06 points, or 1.17%, to 3,550.5 but the Nasdaq Composite dropped 181.45 points, or 1.53%, to 11,713.78.

NEW YORK: The S&P 500 and the blue-chip Dow indices followed world equity indexes higher and U.S. Treasury yields surged on Monday, as progress in the development of a coronavirus vaccine sparked a surge of optimism that the global economy will stage a solid recovery as life returns to normal,

A pivot away from tech and into value stocks pushed the bellwether S&P and Dow sharply higher, but they ended the session shy of record highs. Crude oil prices, meanwhile, had their best day in more than five months, jumping more than 8%.