The S&P 500 and Dow hit record highs moments after they opened on Monday, as news of the first successful late-stage COVID-19 vaccine trials stirred hopes of the economy emerging from a year of pandemic-driven crisis.

The Dow Jones Industrial Average rose by 1,144.50 points, or 4.04 percent, at the open to 29,467.90.

The S&P 500 opened higher by 73.60 points, or 2.10 percent, at 3,583.04, while the Nasdaq Composite gained by 151.43 points, or 1.27 percent, to 12,046.66 at the opening bell.