Stock markets extended gains on Monday after news broke that President-elect Joe Biden planned to nominate Janet Yellen as Treasury Secretary.
The Dow Jones Industrial Average closed up 328 points, or 1.1 percent, and the S&P 500 rose 20 points, or 0.6 percent.
Both indexes had started the day in positive territory on news that a third COVID-19 vaccine from AstraZeneca was up to 90 percent effective.
They extended gains when The Wall Street Journal broke the news of Yellen’s pick.
Yellen, who will be the first woman to lead the Treasury if confirmed, is widely respected for work as Federal Reserve Chair from 2014 to 2018, a position in which she also served as the first woman.
Markets have remained volatile in recent weeks, reacting positively to news of COVID-19 vaccines and Biden’s election, but dropping as daily case counts for COVID-19 have soared while the prospects of a stimulus have become increasingly distant.