AstraZeneca's COVID-19 vaccine is reportedly being considered for fast-track designation

U.S. equity markets rallied to record highs Monday after a report said a COVID-19 vaccine could come before the November election and President Trump announced a “major breakthrough” in the fight against the virus.

The Dow Jones Industrial Average gained as many as 234 points, or 0.84%, while the S&P 500 and the Nasdaq Composite were higher by 0.85% and 1.33%, respectively, extending further into record territory.

The early gains came after a Financial Times report said AstraZeneca plc’s experimental COVID-19 vaccine is being considered by Trump for fast-track designation in an effort to get an immunization to market ahead of the November election. Read more at FOX Business