Stock futures skyrocket, with Dow futures up 1,100 points, after Pfizer vaccine news

U.S. equity futures extended what were already strong gains, following news that the vaccine developed by Pfizer PFE,
+ 0.02%
and BioNTech BNTX,

was over 90% effective in preventing COVID-19. Futures on the Dow Jones Industrial Average YM00,
+ 5.23%
jumped by 1116 points, and those of the S&P 500 ES00,
+ 3.48%
increased by more than 3%. Markets were already showing strong gains as the uncertainty eased after former Vice President Joe Biden declared victory.