Nov. 16 (UPI) -- The Dow Jones Industrial Average climbed more than 470 points, or 1.6%, on Monday on news that a second coronavirus vaccine might be available within the next few months.
The Dow reached 29,950, 50 points short of a record-breaking 30,000 points.
The NASDAQ Composite rose by 94.94 points, or 0.8% and the S&P 500 was up by 41.76 points, or 1.16% on Monday afternoon.
Moderna stocks rose 9.58% Monday.
"Forget the fact President Trump has refused to concede defeat in the U.S. election, or that Europe and the U.S. remain gripped by new waves of the virus, or that another key Brexit deadline has passed and a 'no deal' exit is edging closer," Neil Shearing, group chief economist at Capital Economics, told CNN. "Markets are focused on the increasing likelihood of a vaccine breakthrough."
Pfizer also announced last week that the company had achieved a 90% success rate on a late-trial vaccine. Other vaccines are being tested in late-stage trials by Johnson & Johnson, AstraZeneca and Novavax.
Stocks that would benefit from the widespread lifting of COVID-19-related restrictions benefitted Monday, as Carnival stock climbed 9.74% and United Airlines increased 5.16%. Bank stocks also rose, with Citigroup increasing 3.6%, Wells Fargo gaining 3.45% and JPMorgan Chase growing 2.82%.