Stocks jumped after Moderna announced its COVID-19 vaccine was 94.5% effective in patients participating in its Phase III trials lifting travel and other economically sensitive stocks that would benefit from a recovery.

Moderna's CEO Stephane Bancel told FOX Business the vaccine could see FDA approval in the next several weeks to months.

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 “The emergency use approval I think could happen in December and then I think in Q1, the first quarter to have a full approval were every American who wants a vaccine that is of 18 years of age can get access to a vaccine,” said Bancel during an appearance on 'Mornings With Maria' Monday.

The Dow Jones Industrial Average jumped about 400 points or 1%, while the S&P 500 rose 1% and the Nasdaq Composite was little changed as large-cap tech faced headwinds. Read more at FOX Business