Yesterday morning, Moderna (MRNA Quick Quote MRNA - Free Report) announced that its vaccine candidate was 94.5% effective against the coronavirus. This came after Pfizer’s (PFE Quick Quote PFE - Free Report) announcement last Monday which showed similar efficacy for its vaccine.

Oil and other risky assets have jumped over the past week on optimism that the world may return to normal by end of 2021. Other areas that benefit from re-opening, including airlines, casinos, cruise lines, and hotels, have also gained.

Oil and related ETFs have been among the areas hardest hit by the pandemic and in fact, rising coronavirus cases globally could cap the gains as lockdowns have re-emerged.

The SPDR S&P Oil & Gas Equipment & Services ETF (XES Quick Quote XES - Free Report) is up more than 9% today and more than 36% this month. The VanEck Vectors Oil Services ETF (OIH Quick Quote OIH - Free Report) is up more than 10% today and about 40% in November. However, both are still down more than 50% year-to-date.