By CATHERINE THORBECKE, ABC News

(NEW YORK) — U.S. stocks jumped sharply Monday as news broke of a major development in a COVID-19 vaccine.

The Dow Jones Industrial Average skyrocketed more than 1,500 points, or over 5%, as markets opened Monday. The S&P 500 opened up by more than 3.8% and the Nasdaq was up 1.2% Monday morning.

Pfizer and partner Biotech said in an early morning release Monday that their vaccine was “found to be more than 90% effective in preventing COVID-19” according to an early analysis that included 94 confirmed cases of COVID-19 in trial participants.

Economists and analysts have said for months that a full economic recovery from the COVID-19 crisis remains contingent on a vaccine or effective treatment for the virus.

News that Former Vice President Joe Biden is the apparent winner of the U.S. presidency also quelled some uncertainty among investors that has loomed large for months. Biden’s apparent win also sent global stocks up.

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