“If [Monday’s] move taught us one thing, it’s the overriding factor the markets care most about right now: the virus and progress on the health side,” Gregory Faranello, head of U.S. rates trading at AmeriVet Securities, wrote in a note.

“There is no question [Monday] was a feel good day,” Faranello said. “The American people need and deserve a break: Globally too. Markets reacted with the hope and optimism of better and brighter days. And there was a sense of normalcy in the air.”

U.S. Treasury yields held steady on Tuesday as the selling pressures sparked by by the hopeful news of an effective coronavirus vaccine eased.

The yield on the benchmark 10-year Treasury note was flat at 0.96%. The 30-year bond rate dipped slightly to 1.745%.

The benchmark yield rate reached 0.975% on Monday, its highest point since March 20, following news that a vaccine developed by Pfizer and BioNTech is proven to be more than 90% effective in preventing Covid-19 among those without evidence of prior infection.

The news sparked a rally in global stock markets, which had already shot up following Democrat Joe Biden’s projected win in the U.S. presidential election over the weekend.

“If [Monday’s] move taught us one thing, it’s the overriding factor the markets care most about right now: the virus and progress on the health side,” Gregory Faranello, head of U.S. rates trading at AmeriVet Securities, wrote in a note.

“There is no question [Monday] was a feel good day,” Faranello said. “The American people need and deserve a break: Globally too. Markets reacted with the hope and optimism of better and brighter days. And there was a sense of normalcy in the air.”

Confirmed cases of the coronavirus remain high in the U.S., with 199,944 new infections recorded on Monday, according to data compiled by Johns Hopkins University.