(CNBC) -- The Dow Jones Industrial Average and S&P 500 jumped on Monday as investors cheered trial data from drugmakers Pfizer and BioNTech indicating their Covid-19 vaccine is more than 90% effective. Shares of airlines and other travel-related stocks posted the biggest gains.
The 30-stock Dow closed 834.57 points higher, or 2.95%, to close at 29,157.97 for its biggest one-day gain since June 5. The average hit an all-time high earlier in the session, rising nearly 5.7%, or more than 1,600 points at one point. The S&P 500 popped 1.2% to 3,550.50 and also reached an intraday all-time high. The small-cap Russell 2000 index gained 3.7%. However, the Nasdaq Composite closed lower by 1.5% at 11,713.78 as traders rotated out of high-flying technology names that outperformed during the pandemic into more beaten-down value stocks.