Stocks surged in the final hour of trading Monday after a report said former Federal Reserve Chair Janet Yellen is projected to be President-elect Joe Biden's choice for Treasury Secretary.

The Dow Jones Industrial Average climbed 330 points, or 1.13%, led by gains in Boeing, Chevron and Goldman Sachs.

Cruise operators and airlines were among the top performers in the S&P 500, which finished higher by 0.57%, after AstraZeneca became the third drugmaker to release positive news regarding a COVID-19 vaccine.

The tech-heavy Nasdaq Composite added 0.22%, but underperformed as mega-cap tech stocks such as Apple, Microsoft, Facebook and Google lagged their peers.


Biden is expected to name Yellen, who served as Federal Reserve chair under former President Barack Obama, as his pick before Thanksgiving, according to The Wall Street Journal. She would need a simple 51-vote majority to receive Senate approval.