Disney, AMC and Cinemark had a really good morning because of coronavirus updates

Disney, AMC and Cinemark all saw massive gains in the stock market Monday morning after news about the coronavirus vaccine.

What happened?

Shares from AMC and Cinemark Theatres skyrocketed Monday morning after positive news about the coronavirus vaccine, CNN reports.

• Pfizer and BioNTech said Monday that the coronavirus vaccine is more than 90% effective, which is far ahead of where scientists expected the effectiveness to settle at.

AMC ’s stock spiked 80% in premarket trading.

Cinemark Theatres saw a 40% rise, too.

Disney, one of Hollywood’s biggest studios, jumped 10%.

• Disney’s stock has dropped in recent weeks because Disneyland remains closed to the pandemic and Walt Disney World has a reduced capacity.

Stock market surge

The stock market jumped to new records Monday after the COVID-19 vaccine news and Democrat Joe Biden’s victory in the 2020 presidential election, The Wall Street Journal reports.

• Companies in hard-hit areas — like AMC, Cinemark and Disney — saw boosts from the trading numbers.