Shares of energy companies surged alongside oil futures, which hit a three-month high in New York, closing just above $43 a barrel.
The price of oil has been under assault since the pandemic began in earnest in February, recovering more slowly and unevenly than other risky assets because of the long-term nature of Covid-19's effect on auto and air travel.
Oil futures -- and energy stocks -- have gotten a bigger lift from the vaccine developments of recent weeks than most other asset classes, however. AstraZeneca was the latest drug maker to provide a promising update on its clinical trial.
Leaders of the world's major economies on Sunday urged strenuous efforts to combat the coronavirus and revive the global economy after a two-day summit that was hosted virtually by Saudi Arabia because of the pandemic.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
11-23-20 1634ET
