S&P 500 top movers: Hotel stocks surge on coronavirus vaccine hopes

• S&P 500 rose to its highest level since late February.
• Hotel stocks are on the move as investors cheer coronavirus vaccine news.
• WYNN gains nearly 14% to lead the rally on Monday.

Wall Street's main indexes started the week on a firm footing as investors continue to look past the rising coronavirus cases and remain optimistic about prospects for a vaccine. Earlier in the day, the US Food and Drug Administration (FDA) announced that it has granted "Fast Track" designation to two vaccine candidates developed jointly by Pfizer and BioNTech. 

As of writing, the S&P 500 Index (SPX), which touched its highest level since February 25th at 3,235, is up 1.35% on the day at 3,228.

S&P 500 top movers

Wynn Resorts Ltd (WYNN) shares are up nearly 14% as the top-gainer of the day. Among the other hotel stocks, Las Vegas Sands Corp (LVS) and MGM Resorts International (MGM) are gaining 7.15% and 4.85%, respectively. Meanwhile, boosted by the above-mentioned development, Pfizer Inc (PFE) share are up 5.25% on the day at $35.60.

On the other hand, Fortinet Inc (FTNT) is the top-decliner, losing 6.55% on a daily basis.