[NEW YORK] US shares revved higher on Monday on news a coronavirus vaccine had shown 90 per cent effectiveness, but after blasting through records early in the session, Wall Street closed with more modest gains.

The bellwether Dow Jones Industrial Average jumped over 830 points or 2.95 per cent to finish the day at 29,157.97, while the broader S&P 500 rose 1.1 per cent to 3,550.5, about 30 points shy of a record.

But the tech-heavy Nasdaq reversed early gains and slipped 0.7 per cent to close at 11,713.78, as firms that benefitted from the pandemic lost ground, including Zoom and Netflix.

AFP