Stock markets surged at opening Monday after Pfizer and BioNTech announced that a vaccine candidate has a more than 90% effectiveness rate preventing COVID-19.

The Dow Jones Industrial Average was up 5.9% at opening. The S&P 500 and the Nasdaq composite were both up at opening, 4.3% and 0.83%, respectively.

An independent data monitoring committee analyzed the early data regarding the vaccine and found that the contrast in caseloads between participants who were given the vaccine and those who were given a placebo "indicates a vaccine efficacy rate above 90%, at 7 days after the second dose," according to the press release.

"Today is a great day for science and humanity," said Pfizer CEO Alberta Bourla. "The first set of results from our Phase 3 COVID-19 vaccine trial provides the initial evidence of our vaccine’s ability to prevent COVID-19."

News from Pfizer pushed up stocks in sectors hit hard by the pandemic, such as the airline industry. Stock prices for American Airlines, United Airlines, and Delta Air Lines were all up by double digits before the markets opened.