Stocks started off the Thanksgiving-shortened week sharply higher after another drugmaker announced positive results for its coronavirus vaccine.

The Dow Jones Industrial Average rose more than 300 points, a gain of 1%. The S&P 500 and tech-heavy Nasdaq Composite were up 0.8% and 0.7%, respectively.

European indexes were also rising sharply, with the STOXX Europe 600 rising 0.1% and Germany's DAX climbing 0.6%. The other major indexes, France's CAC-40 and the U.K.'s FTSE 100, were up similar amounts.

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U.K. drugmaker AstraZeneca announced that the vaccine it is developing with Oxford University can be up to 90% effective in late-stage trials.

The efficacy rate can range between 62% and 90%, depending upon the dosage. This is the third vaccine, behind that from Pfizer and its partner, BioNTech, and Moderna, to show strong efficacy results in Phase 3 trials.

Shares of AstraZeneca were slightly lower on Monday despite the good news.

The news comes after Johns Hopkins University announced on Saturday that the U.S. surpassed 12 million coronavirus cases, the most impacted country in the world. Read more at FOX Business