Stocks finished higher Monday following a volatile week on Wall Street, led by reopening stocks as the Food and Drug Administration approved its first Covid-19  vaccine.

The S&P 500 added 0.8% to reach 4,479.53, just shy of a record close. 

The immediate impact of the FDA approval of the Pfizer vaccine on efforts to combat the virus could be muted until the U.S. population reaches herd immunity, which “will be a while,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.

As reopening trades resurface, traders are eagerly awaiting the Jackson Hole symposium for clues on the Fed’s timeline for dialing back its $120 billion a month bond-buying program. The event, originally scheduled as an in-person gathering, will now take place virtually on Thursday and Friday for the second year in a row.

Stock futures edged higher in early morning trading on Tuesday following a broad-based rally on news that U.S. regulators granted full approval for Pfizer-BioNTech’s Covid vaccine.

The tech-heavy Nasdaq Composite rose about 1.5% to hit a record closing high. 

“The Fed may make a taper announcement in September or November, but it will probably be a slow taper with no commitment over interest rate hikes.” said Edward Moya, senior market analyst at Oanda.