US stocks hit record highs on hopes for COVID-19 vaccine

Markets rose on Tuesday.

The S&P 500 jumped 1.6 percent to a record high, the STOXX Europe 600 rose 0.9 percent and the Nikkei 225 surged 2.5 percent to its highest level since 1991.

Oil rose, with US crude up 4.3 percent and Brent up 4.0 percent.

Concerns over the COVID-19 pandemic receded somewhat amid encouraging news that vaccines will be available soon.

“The possibility of having a vaccine next year increases the odds that we’re going to see demand return in the new year,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.