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Wall Street surged on Tuesday, with the Dow Jones Industrial Average ending more than 2% higher as investors bought energy and materials stocks and looked beyond a recent rise in coronavirus cases.

The Dow Jones Industrial Average surged 2.13% to end at 26,642.59 points, while the S&P 500 gained 1.34% to 3,197.52. The Nasdaq Composite added 0.94% to 10,488.58.

· Dow futures jump 300 points after Moderna says its vaccine produces antibodies to coronavirus

Stock futures climbed higher in overnight trading on Tuesday after Moderna said its coronavirus vaccine produced antibodies in all patients in an early trial, raising hope for a faster economic recovery.

Futures on the Dow Jones Industrial Average jumped 300 points, pointing to a 270-point gain at Wednesday’s open. The S&P 500 futures and the Nasdaq 100 futures rose 0.7% and 0.5%, respectively.

Biotech Moderna’s potential vaccine to prevent Covid-19 produced a “robust” immune response, or neutralizing antibodies, in all 45 patients in its early stage human trial, according to newly released data published Tuesday evening in the peer-reviewed New England Journal of Medicine.

· European markets close lower as coronavirus spike weighs on sentiment; BT up 4%

European stocks closed lower on Tuesday as a spike in coronavirus cases started to weigh on global market sentiment.

The pan-European Stoxx 600 closed down by 1% provisionally, with tech stocks shedding almost 2.8% to lead losses as most sectors and major bourses slipped into negative territory.

BT stock meanwhile was one of the top performers, climbing 4% after the U.K. announced plans to strip out Huawei from its 5G networks. The firm’s shares likely got a boost from the government’s commitment to a seven-year transition period for removing Huawei equipment, a move major telecom operators had been lobbying for.

· Asia stocks jump as hopes for a coronavirus vaccine rise

Stocks in Asia traded higher Wednesday morning as hopes for a coronavirus vaccine rise.

In Japan, the Nikkei 225 gained 1.22% in early trade while the Topix index added 1.11%. South Korea’s Kospi jumped 1.31%.

Over in Australia, the S&P/ASX 200 advanced 0.68%.

Overall, the MSCI Asia ex-Japan index traded 0.39% higher.

Investors on Wednesday watched for reaction to the latest developments surrounding a potential vaccine for the coronavirus. Biotech firm Moderna’s potential vaccine to prevent Covid-19 produced a “robust” immune response, or neutralizing antibodies, in all 45 patients in its early stage human trial, according to newly released data published in the peer-reviewed New England Journal of Medicine.

Still, tensions between Washington and Beijing could weigh on investor sentiment. U.S. President Donald Trump on Tuesday said he signed legislation to impose sanctions on China in response to its interference with Hong Kong’s autonomy. Trump also said he signed an executive order ending Hong Kong’s special status with the U.S.

Reference: CNBC, Reuters