The U.S. federal government recognized Biden as the "apparent winner" of the Nov. 3 election, giving the green light for co-operation on a transition of power despite efforts by President Donald Trump to overturn the election.
The latest vaccine developments are also helping to raise hopes that some normalcy will eventually be restored to everyday life and the economy. They're also tempering lingering concerns over rising virus cases in the U.S., as well as in Asia and other parts of the world, and new government restrictions on businesses aimed at limiting the spread.
Roughly 73% of the stocks in the S&P 500 rose. In another signal that investors were feeling confident, the Russell 2000 index of smaller stocks outpaced the broader market, picking up 1.8% to 1,818.30. The yield on the 10-year Treasury rose to 0.86% from 0.81% late Friday. AstraZeneca is the latest drug developer to report surprisingly good results from ongoing vaccine studies. It said the potential vaccine, which is being developed with partner Oxford University, was up to 90% effective. Unlike rival candidates, however, AstraZeneca's doesn't have to be stored at ultra-cold temperatures, making it easier to distribute.
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