Global stock markets rallied on Monday (Aug. 23), with United States (US) stocks jumping more than 200 points and the Nasdaq Composite adding about 1.5% higher. The jump was driven by gains in cyclical sectors such as travel and leisure stocks after the United States Food and Drug Administration (FDA) granted full approval of the two-dose Pfizer-BioNTech vaccine for COVID-19, which also boosted shares of Pfizer, BioNTech, and Moderna. Tech companies also rose along with energy shares as West Texas Intermediate (WTI) crude jumped almost 6% to above $65.5 a barrel.
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