US STOCKS-Wall St surges on hopes for stimulus, coronavirus vaccine

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* Moderna surges on positive data for potential COVID-19
vaccine
* Carmakers rise as factories set to reopen
* Oil stocks boosted by jump in crude prices
* Indexes jump: Dow 3.20%, S&P 2.61%, Nasdaq 1.80%

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By Medha Singh and Ambar Warrick
May 18 (Reuters) - Wall Street's main indexes surged on
Monday as encouraging early data from a potential coronavirus
vaccine trial boosted sentiment, with investors also counting on
more stimulus to rescue the economy from a deep slowdown.
Drugmaker Moderna Inc MRNA.O said its experimental
COVID-19 vaccine showed promising results in a small early stage
trial, boosting futures in premarket trading. Its own shares
jumped 14%. Investors have kept a close eye on vaccine programs of
several drugmakers, cheering any positive development amid fears
of a second wave of infections as governments start easing
restrictions.
"If there really is a workable vaccine that can be mass
produced, it really is a game changer for so many industries
about which we weren't so sure if the reopenings would solve
their problems," said Rick Meckler, a partner at Cherry Lane
Investments in New Vernon, New Jersey.
Battered travel-related stocks such as cruise line operators
Carnival Corp CCL.N , Royal Caribbean Cruises Ltd RCL.N ,
Norwegian Cruise Line Holdings Ltd NCLH.N jumped more than
10%, while the airlines subindex .SPCOMAIR also added 10.3%.
Markets were also encouraged by Federal Reserve Chair Jerome
Powell's remarks over the weekend on a gradual economic recovery
and his affirmation that more monetary stimulus was on the way
if required.
He had also stressed on the importance of a vaccine in
establishing economic normalcy.
At 9:51 a.m. ET, the Dow Jones Industrial Average .DJI was
up 757.31 points, or 3.20%, at 24,442.73, the S&P 500 .SPX was
up 74.88 points, or 2.61%, at 2,938.58, and the Nasdaq Composite
.IXIC was up 162.15 points, or 1.80%, at 9,176.71.
The benchmark S&P 500 was on track for its biggest one-day
percentage gain in more than a month, with all the 11 major S&P
sector indexes trading higher.
Energy stocks .SPNY soared 6.7% after oil prices surged on
the prospect of higher demand as economic activity slowly
resumes across the globe. O/R
General Motors Co GM.N rose 9.8% and Ford Motor Co F.N
6.9% as they prepared to reopen their North American factories
in a push to restart work in an industry that accounts for about
6% of U.S. economic activity. Advancing issues outnumbered decliners more than 13-to-1 on
the NYSE and 7-to-1 on the Nasdaq.
The S&P index recorded 17 new 52-week highs and no new low,
while the Nasdaq recorded 68 new highs and three new lows.