U.S. stocks rose to records after positive news on a covid-19 vaccine sparked a rally in shares tied to an economic reopening while stay-at-home tech companies lagged behind. Oil climbed.

The Dow Jones industrial average and S&P 500 Index closed at all-time highs after Moderna’s vaccine was shown to be 94.5% effective in a preliminary analysis of a large late-stage clinical trial. Shares of the drugmaker surged almost 10%. Companies poised to benefit from a reopening, such as cruise lines and air carriers, were among the day’s best performers.

Lockdown favorite Zoom Video Communications slumped along with other at-home tech names, weighing on the Nasdaq 100.

The vaccine news adds yet another driver to a global stocks rotation into value and cyclical sectors that have been hardest hit by the pandemic, and out of more defensive industries like technology. Advisers to President-elect Joe Biden said they opposed a nationwide shutdown despite surging virus cases.

“Today’s vaccine news should make investors more tolerant of the surging virus cases, permitting them to look through to the strong dynamics that seem to be taking shape for 2021,” said Seema Shah, chief strategist at Principal Global Investors. “Easy monetary policy, fiscal stimulus, recovering economic growth — there are many reasons for investors to be optimistic as we move closer to the end of this awful year.”

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Still, concerns about a sustainable economic recovery persist amid a flare-up in virus cases around the world. California put most of the state under the most restrictive rules, while the seven-day average of new cases in the U.S. rose in every state on Sunday. Germany must live with “considerable restrictions” against the spread of covid-19 for at least the next four to five months, its economy minister said.

Treasury yields held steady and the dollar slipped. Crude pushed higher as the vaccine news boosted the outlook for demand. China’s oil processing rebounded in October to match a record, as consumption in Asia continues to vastly outpace that of regions still afflicted with the virus.

Elsewhere, European equities rose, following Asian shares higher after a slew of countries Sunday signed the world’s largest regional free-trade agreement, encompassing nearly a third of the globe’s population and gross domestic product. Australia’s stock exchange was hit by a software issue that forced it to close for most of Monday’s session.

In the U.S., the stock rotation continued following the best week for S&P value stocks versus S&P growth shares since 2008. The Russell 2000 Index of small-caps rallied 2.4% to a record, while the tech-heavy Nasdaq 100 rose just 0.6%.

“It’s the same trend we’ve been seeing over the past several weeks which is a move toward value, toward companies that will rebound when covid goes away,” said Christopher Grisanti, chief equity strategist at MAI Capital Management. “We have facts on the ground which can truly change the environment in a three- to six-month period.”

These are the main moves in markets:

Stocks

– The S&P 500 Index climbed 1.2% as of 4 p.m. EST; the Dow Jones industrial average added 1.6%.

– The Stoxx Europe 600 Index rose 1.2%.

– The MSCI Asia Pacific Index surged 1.5%.

– The MSCI Emerging Market Index rose 1.3%.

Currencies

– The Bloomberg Dollar Spot Index decreased 0.2%.

– The euro rose 0.1% to $1.1848.

– The British pound was little changed at $1.3196.

– The Japanese yen rose 0.1% to 104.56 per dollar.

Bonds

– The yield on 10-year Treasurys rose one basis point to 0.90%.

– Germany’s 10-year yield was little changed at -0.55%.

– Britain’s 10-year yield rose one basis point to 0.35%.

Commodities

– West Texas Intermediate crude rose 3% to $41.33 a barrel.

– Gold fell 0.1% to $1,886.94 an ounce.