U.S. markets jumped on Monday after biotechnology company Moderna announced its new vaccine, which has a reported 94% success rate.
The Dow Jones rose 1.3%, or 389 points, at the news. The stocks of airline and cruise companies saw some of the largest gains, along with many banks.
Massachusetts-based Moderna is the second company to announce an effective vaccine, following Pfizer earlier this month. While the company's announcement of the vaccine itself was enough to give the market the boost, traders were apparently also excited that Moderna's vaccine remains stable in a regular refrigerator for up to 30 days and can be stored for up to six months below freezing.
Dan Russo, the chief market strategist at Chaikin Analytics, noted that investors care more about the news of vaccines than the actual number of COVID-19 cases.
"It seems that investors are more focused on vaccine news and are willing to look past the near-term spike in cases," Russo said. "If this becomes a cause for concern for investors, it will become apparent on the charts and risk management will take over."