With its CEO calling it a “great day for science and humanity,” Pfizer and its partner BioNTech announced Monday morning that its vaccine candidate was more than 90 percent effective in preventing COVID-19, with no serious safety concerns observed.

The results of the Phase 3 study were promising enough for the companies to announce plans to submit an emergency use authorization to the U.S. Food and Drug Administration, with the expectation that it will be submitted during the third week of November. The companies say by then they will have accumulated the necessary median of two months of safety data following the second and final dose of the vaccine candidate.

“We are reaching this critical milestone in our vaccine development program at a time when the world needs it most with infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen,” said Dr. Albert Bourla, Pfizer chairman and CEO.

The clinical trial, which began July 27 and has enrolled 43,538 participants to date, is continuing. Based on current projections, the companies said they expect to produce up to 50 million vaccine doses globally in 2020 and up to 1.3 billion doses in 2021.

“The first interim analysis of our global Phase 3 study provides evidence that a vaccine may effectively prevent COVID-19. This is a victory for innovation, science and a global collaborative effort,” said Ugur Sahin, CEO of BioNTech. “When we embarked on this journey 10 months ago this is what we aspired to achieve. Especially today, while we are all in the midst of a second wave and many of us in lockdown, we appreciate even more how important this milestone is on our path towards ending this pandemic and for all of us to regain a sense of normality. We will continue to collect further data as the trial continues to enroll for a final analysis planned when a total of 164 confirmed COVID-19 cases have accrued. I would like to thank everyone who has contributed to make this important achievement possible.”

The news, combined with Saturday’s electoral victory for President-elect Joe Biden, sent stocks soaring Monday. The S&P 500 jumped 3.2 percent in early trading, but U.S. stock futures, Treasury yields and oil prices burst even higher immediately following the vaccine news. The yield on the 10-year Treasury shot up from 0.81 percent before the announcement to 0.93 percent, a big move for the bond market and one that shows stronger confidence in the economy.

Stocks of companies that most need the economy and the world to return to normal for their profits to heal led the way. A 16.1 percent surge for Chevron and 13.5 percent leap for The Walt Disney Co. amid hopes that people will start driving and flying to theme parks again helped drive the Dow Jones Industrial Average to a leap of 1,290 points, or 4.6 percent, to 29,614, as of 9:45 a.m. Eastern time.

The Associated Press contributed to this report.