Stocks rise on Wall Street on latest hopes for coronavirus vaccine

Stocks closed higher on Wall Street on Monday after investors received several pieces of encouraging news on covid-19 vaccines and treatments, tempering concerns over rising virus cases and business restrictions.

The benchmark S&P 500 index rose 0.6%, led by banks, industrial companies and other businesses that have been beaten down by the virus.

The latest vaccine developments are helping to raise hopes that some normalcy will eventually be restored to everyday life and the economy.

AstraZeneca is the latest drug developer to report surprisingly good results from ongoing vaccine studies. It said the potential vaccine, which is being developed with partner Oxford University, was up to 90% effective. Unlike rival candidates, however, AstraZeneca’s doesn’t have to be stored at ultra-cold temperatures, making it easier to distribute.

And, over the weekend, Regeneron Pharmaceuticals received U.S. government approval for emergency use of its covid-19 treatment. The drug, which President Donald Trump received when he was sickened last month, is meant to try to prevent hospitalization and worsening disease from developing in patients with mild-to-moderate symptoms.