Stocks rose on Monday after AstraZeneca and the University of Oxford said their coronavirus vaccine was up to 90% effective, becoming the third inoculation this month that was revealed to be effective in trial data.

The Dow closed 327.79 points higher, or 1.1%, at 29.591.27. The S&P 500 gained 0.6% to end the day at 3,577.59, and the Nasdaq Composite advanced 0.2% to 11,880.63.

Shares of cruise lines and airlines led the gains on hope distributing these vaccines would reopen the economy and boost travel early next year. Shares of Carnival Corp. added 4.8%, while United Airlines rose 2.6%. Shares of major tech companies struggled, however. Apple dropped nearly 3%, and Netflix slid 2.4%. Facebook, Amazon, Alphabet and Microsoft all posted slight losses.

Sentiment was also boosted by strong economic data. IHS Markit said their U.S. manufacturing and services purchasing managers’ indexes hit multiyear highs. The flash U.S. services index rose to 57.7, its highest level in more than five years. The manufacturing PMI popped to 56.7, its highest level in over six years.

The Dow and S&P 500 were coming off a losing week as Covid-19 cases continue to rise, with the U.S. reporting a record-high spike of more than 195,500 new cases on Friday. Public health officials have warned that Thanksgiving celebrations on Thursday could further exacerbate the outbreak.

Plan A : Long if market doesn't retrace much and supported firm above 3605. Targets are 3619, 3638 and 3651.

Plan B : Short if market failed to support above 3605. Targets are 3581, 3555 and 3527.

Stock futures climbed in overnight trading on Monday following a strong session on Wall Street boosted by positive vaccine news. 

Stocks kicked off the Thanksgiving week on a high note on Monday as investors piled into re-opening trades amid vaccine optimism.

The move higher in futures came after General Services Administration chief Emily Murphy told President-elect Joe Biden that the Trump administration is making federal resources available for his transition into office.

Major averages hit their session highs after news broke that Joe Biden will nominate former Federal Reserve Chair Janet Yellen to be Treasury Secretary. Many view Yellen as a market-friendly pick considering that she oversaw a long economic expansion with historically low-interest rates and she’s likely to push for further fiscal stimulus.

Yellen oversaw a solid economic expansion during her term as Fed chair from 2014 to 2018 in the wake of the financial crisis. During that time, rates remained low, and the S&P 500 rose nearly 60%.

Investors will monitor a slew of earnings from retailers ahead of the holiday season, including Best Buy and Dick’s Sporting Goods before the bell as well as Gap and Nordstrom after the close Tuesday.

U.S. markets will be closed for the Thanksgiving holiday on Thursday and will have a short session on Friday.

Plan A : Long if market doesn't retrace much and supported firm above 11950. Targets are 11978, 12012 and 12041.

Plan B : Short if market failed to support above 11950. Targets are 11915, 11872 and 11833.

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Plan A : Remain buy as long as oil price trades firmly above 42.2. Targets are 42.9 and 44.2

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