Stocks directly tied to an economic reopening jumped following the vaccine news.
American Airlines, United Airlines, Royal Caribbean Cruise all popped more than 4% each in extended trading.
"This should further increase confidence that we are getting a robust immune response, in that there should be greater confidence that this will be protective to a degree in transmission of Covid," Michael Yee, a managing director at Jefferies, said on CNBC's "Fast Money." "This is all along our positive thesis and our view that both Moderna and Pfizer-BioNTech are definitely on a good track to get a vaccine by the end of the year.
Stocks finished Tuesday's volatile session on a high note with the Dow jumping more than 500 points to post its best day in two weeks. The S&P 500 jumped 1.3%, boosted by cyclical names sensitive to the economic recovery. The tech-heavy Nasdaq underperformed for a second day, rising 0.9% as the massive rally in Big Tech slowed down.
Investors will monitor another batch of corporate earnings results on Tuesday with Goldman Sachs, UnitedHealth, Bank of NY Mellon, U.S. Bancorp and PNC Financial all set to report before the bell.
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