U.S. equity markets rallied Monday as investors celebrated the approval of a third COVID-19 vaccine and as the U.S. House of Representatives passed a $1.9 trillion relief package. The combination fueled optimism on the economic recovery.

The Dow Jones Industrial Average gained 603 points, or 1.95%, while the S&P 500 and the Nasdaq Composite gained 2.38% and 3.01%, respectively.

Technology and financial stocks led the broad gains in U.S. equities.

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The gains came as the 10-year yield slipped 1.5 basis points to 1.44%. The benchmark yield last week touched a one-year high of 1.61%, causing jitters among stock-market investors as it topped the S&P 500's dividend yield.

President Biden’s COVID-19 relief package cleared the House in a 219 to 212 vote, mostly along party lines, that saw two Democrats vote against the measure. Read more at FOX Business