Stocks Jumped at Open after Upbeat Vaccine News, Biden Victory

U.S. stocks jumped at open on Monday, as investors took in promising data on a leading COVID-19 vaccine candidate as well as President-elect Joe Biden’s victory in the U.S. presidential election. The Dow Jones Industrial Average lately advanced 1,474.81 points, or 5.21%, to 29,798.21. The S&P 500 rose 129.41 points, or 3.69%, to 3,638.85. The Nasdaq Composite gained 109.50 points, or 0.92%, to 12,004.72.

Oil futures soared Monday, extending gains after Pfizer said its vaccine was much better than expected at protecting people from COVID-19 in a crucial study. West Texas Intermediate crude for December delivery jumped $3.26, or 8.8%, to $40.40 a barrel. January Brent crude surged $3.09, or 7.8%, to $42.54 a barrel.

Pfizer (PFE) announced that their clinical trial showed that their vaccine candidate was more than 90% effective in preventing COVID-19 in participants with no evidence of a previous coronavirus infection.

Biden, alongside Vice President-elect Kamala Harris, is set to usher in a push for bigger fiscal stimulus, a public option in health care, investment in sustainability, and a more measured approach to foreign policy and trade, among other key issues.