Nearly all of 2020’s S&P losses were erased on Wednesday after optimism flooded the market due to the recent news over the COVID-19 vaccine, MarketWatch reports.

The S&P Index climbed 34 points — or around 1.1% — “putting the coronavirus-beaten index flat for what has shaped to be a tumultuous year since the viral outbreak took hold in the U.S.,” according to MarketWatch.

“The market has been gaining traction since the depth of the crisis but took a step higher after Moderna Inc. MRNA, 9.83% offered more details about its success with a vaccine candidate for COVID-19.”

On Tuesday, the first COVID-19 vaccine tested in the U.S. “revved up people’s immune systems” just as scientists had hoped, according to the Associated Press.

Researchers found that Moderna’s vaccine added an influx of antibody responses against the coronavirus for the 45 patients who were tested in a human trial, which I wrote about for

But the novel coronavirus vaccine — which is being developed by the National Institutes of Health and Moderna Inc. — has a major upcoming test on July 27. A 30,000-person study will look “to prove if the shots really are strong enough to protect against the coronavirus,” according to the Associated Press.

Still, news of a vaccine appears to be helping.

“No matter how you slice this, this is good news,” Dr. Anthony Fauci, the U.S. government’s top infectious disease expert, told The Associated Press.