Stocks have reached record heights, more than making up their previous losses. 

As of 11:03 a.m., the Dow Jones Industrial Average was up by 1,054 points, the Nasdaq was up by 85 points, and the S&P 500 was up by 88 points.

CNBC said that the Dow's gains represent a new record for the index; even though it has climbed down from its earlier 1,600 levels, even at these heights, it still is a bigger gain than has ever made before. The S&P 500 has similarly breached a record; while the Nasdaq is doing better, it has underperformed relative to the other indices.

The surge in the stock market comes down to two events: the election of Joe Biden as the 46th president of the United States, and early data showing a coronavirus vaccine to be 90 percent effective, according to the Wall Street Journal.

While encouraging, the stock market is not the whole economy, and millions remain unemployed, facing an uncertain future made even more so when pre-election stimulus talks collapsed. Unemployed Americans have exhausted nearly all their savings from the last round of aid and are now staring down a Dec. 31 cliff, which is when the final two unemployment programs remaining—the benefits for gig economy workers, and the supplementary payments for people who've exhausted their standard state benefits—ends.

While the outgoing administration, in its negotiation with Congressional Democrats, had offered $1.8 trillion, should stimulus talks resume, the new offer will likely be significantly lower, as Senate Majority Leader Mitch McConnell (R-Ky.) has taken the lead on talks, with the lame duck administration choosing to step back, according to Business Insider. Senate Republicans had previously balked at the price tag of the White House offer, with their own priorities more reflected in the $300 billion "skinny bill" that they tried, and failed, to advance a months back.