NEW YORK (AP) — Stocks are surging Monday, and Wall Street is catapulting back to record heights on a burst of hope that the economy can get back to normal following encouraging data about a potential coronavirus vaccine.

The S&P 500 jumped 2.7% in afternoon trading and is on track to close at a record for the first time in more than two months.

Markets around the world were already climbing before the encouraging early data on Pfizer's potential vaccine on relief that the uncertainty created by the market-bruising presidential election was finally clearing.

Travel companies and other stocks that most need the economy to recover led the way.

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