Wall Street indices rose at the open on Monday as the first coronavirus vaccine doses were given in the United States, with traders hoping to recoup recent losses.
After a choppy week which nonetheless left major indexes near all-time highs, the Dow Jones Industrial Average jumped 0.8 percent at 30,280.46, about 30 minutes into the trading session.
The broad-based S&P 500 gained 0.9 percent to 3,695.23, while the tech-rich Nasdaq Composite Index rose 1.1 percent to 12,516.51.
Even as Covid-19 cases in the United States have been surging, stocks have been pushing towards new records, fueled by hope for the vaccines that could fully reopen the economy.
The United States on Friday became the sixth country to green-light the vaccine from Pfizer and its German partner BioNTech, capping a week in which the single-day death toll hit 3,000.
Pfizer shares were barely changed, while AstraZeneca fell 6.8 percent after announcing a $38 billion deal to buy Alexion, which soared 31 percent.
Meanwhile, a bipartisan group of lawmakers in Washington is set to formally release a $908 billion compromise relief package that includes new unemployment aid, help for state and local governments and limited liability protections for businesses.
But there have been few signs in recent days that the latest offer would be enough to win support in the Republican-controlled Senate or the Democrat-controlled house.
"The market at least seems heartened by a growing chorus of congressmen speaking to the notion that they won't go home for the holidays until there is an agreement of some kind on a relief package," Briefing.com analyst Patrick J. O'Hare said in an analysis.