Stocks rose to all-time highs on Monday, lifted by gains in tech and some reopening names, as sentiment around the coronavirus pandemic improved.
The Dow Jones Industrials popped 378.13 points, or 1.4%, to end Monday at 28,308.46.
The S&P 500 climbed to yet another all-time high, picking up 34.12 points, or 1%, to 3,431.28.
The NASDAQ Composite added 67.92 points to Friday’s all-time peak, at 11,379.72.
Apple shares rose 1.2% to lead other tech-related names higher. Facebook climbed 1.6% and Amazon advanced 0.7%. Alphabet rose 0.6%.
Shares of airlines and cruise operators gained amid positive coronavirus treatment developments. United Airlines rose by more than 9%
along with American. Delta gained 9.3%. Carnival advanced 10.2%. Norwegian Cruise Line added to 7.6%, and Royal Caribbean closed higher by 4.7%.
Monday’s early gains come as the number of new coronavirus cases continues to decline in the U.S. Since spiking by more than 64,000 cases, the number of new daily infections in the U.S. has not topped 49,000, according to Johns Hopkins University. On Sunday, there were less than 37,000 new confirmed cases.
On Sunday, the U.S. Food and Drug Administration issued an emergency use authorization of convalescent plasma for hospitalized COVID-19 patients, a treatment that uses blood plasma donated by people who’ve recovered from the virus.
President Donald Trump said at a news conference Sunday that the plasma treatment cuts the mortality rate by 35%.
The Trump administration is also considering fast-tracking an experimental coronavirus vaccine developed in the U.K. for use in the United States ahead of the nation’s upcoming presidential election, according to a Financial Times report.
A seemingly unstoppable rally in major technology shares last week pushed the S&P 500 to levels above its previous record set before the pandemic. The broad equity benchmark posted its fourth straight positive week and closed at a fresh record on Friday.
Apple jumped more than 8% last week ahead of its four-for-one stock split, bringing its 2020 gains to nearly 70%. Those gains continued on Monday.
Prices for the 10-Year Treasury sagged, raising yields to 0.65% from Friday’s 0.63%. Treasury prices and yields move in opposite directions.
Oil prices strengthened seven cents to $42.41 U.S. a barrel.
Gold prices slumped $13.20 to $1,933.80 U.S. an ounce.
S&P, NASDAQ Improve on All-Time Highs