The Dow traded 520 points higher, or 1.75 percent. The S&P 500 climbed 1.6 percent, with all 11 sectors up. The Nasdaq climbed around 1 percent. The Russell 2000 hit an all time high, climbing around 1.9 percent.

The stock market has experienced a powerful rally as drug makers announced test results showing their coronavirus vaccines appear to be highly effective. The Dow is up nearly 12,000 points since its lows in March.

If the rally holds, November will have been the best month for stocks since 1987.

Energy was the best performing sector of the S&P on Tuesday morning, rising 4.5 percent. Year to date, the energy sector is down 34.86 percent as the pandemic beat down demand for fuel. Shares of Boeing rose 4.3 percent. Shares of United Airlines jumped more than 8 percent. Shares of rental car company Avis Budget rose 5.3 percent. Shares of Macy’s rose nearly 5.4 percent.