U.S. equity markets opened December in record territory after closing out a month for the record books.

The Dow Jones Industrial Average climbed 400 points, or 1.35%, while the S&P 500 and the Nasdaq Composite were higher by 1.38% and 1.19%, respectively. The early gains have both the S&P 500 and the Nasdaq trading at intraday record highs while the Dow holds just below its own peak.

The strong start to the month comes after the Dow rallied 11.8% in November, booking its largest monthly advance since January 1987.

The S&P 500 and the Nasdaq Composite, meanwhile, climbed 10.8% and 11.8%, respectively, posting their best months since April.

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Powell, Mnuchin Testify 

Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin will testify Tuesday on Capitol Hill on the state of the U.S economy’s recovery from the COVID-19 pandemic.

Looking at stocks, Pfizer Inc., BioNTech SE and Moderna Inc. gained after the companies applied their COVID-19 vaccines for emergency use in Europe. An approval decision will be made on the Pfizer/BioNTech vaccine by Dec. 29 and on the Moderna vaccine by Jan. 12. Read more at FOX Business