U.S. equity markets rallied Monday as two COVID-19 vaccines were given “fast-track” status and earnings season kicked off with some better-than-expected results.

Pfizer Inc. and BioNTech SE received fast-track designation for two of their experimental COVID-19 vaccines, helping offset news that the number of new daily COVID-19 infections in the U.S. remained above 60,000 all weekend. Despite the daily case count surging to a record high, the number of new deaths totaled 482 on Sunday, or just 18 percent of the 2,701 peak in May.

The Dow Jones Industrial Average gained as many as 413 points, or 1.59 percent, while the S&P 500 and the Nasdaq Composite were higher by 1.37 percent and 1.84 percent, respectively. The early advance had the Nasdaq on track for a 28th record close this year.

Looking at earnings, PepsiCo Inc. reported results that outpaced Wall Street expectations for both earnings and revenue. The company reported sales slid 3.1 percent from a year ago as consumers stocked up on snacks and bought fewer beverages amid COVID-19 stay-at-home orders.

Citigroup Inc., Delta Air Lines Inc., JPMorgan Chase & Co. and Wells Fargo & Co. are set to report their second-quarter results ahead of Tuesday’s opening bell. Read more at FOX Business