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Investing.com — U.S. stock markets skyrocketed at the open on Monday, after Pfizer (NYSE:PFE) and its German partner Biontech announced what looked like a major breakthrough in the search for a vaccine against the Covid-19 coronavirus.
The news propelled beaten-down cyclical stocks sharply higher, as investors bet on a return to traditional working and leisure habits after a year devastated by lockdowns, soaring unemployment and battered business and consumer confidence.
By 9:35 AM ET (1435 GMT), the Dow Jones Industrial Average was up 1,551 points, or 5.5% at 29,875 points, while the S&P 500 was up 3.8% and the Nasdaq Composite was up 0.7%.
