- The Dow Jones Industrial Average climbed 378.13 points, or 1.35%, to 28,308.46.
- The S&P 500 added 34.12 points, or 1.00%, to 3,431.28.
- The Nasdaq Composite put on 67.92 points, or 0.6%, to 11,379.72.
Wall Street witnessed yet another set of record-highs in US stock markets following news that the US Government intends to fast-track COVID vaccines and treatments and ahead of the Jackson Hole this week.
The markets are enthused that there have been some positive developments with the vaccine and lower numbers of new cases in Florida and Arizona reporting no new deaths.
The Fed’s Jackson Hole monetary policy symposium later this week is anticipated to be setting rates lower for longer which has provided support to risk assets in what otherwise was a very quiet day for economic data.
How did the benchmarks perform?
Consequently, the S&P 500 and the Nasdaq reached new record closing highs.
The S&P 500 reclaimed its February closing high last week, confirming a bull market and the fastest recovery from a bear market trough on record.
The blue-chip Dow, while leading Monday’s gains, remains nearly 4.2% below its all-time high, and down 0.8% year-to-date.
The Dow Jones Industrial Average climbed 378.13 points, or 1.35%, to 28,308.46, while the S&P 500 added 34.12 points, or 1.00%, to 3,431.28 and the Nasdaq Composite put on 67.92 points, or 0.6%, to 11,379.72.
The Nasdaq and the S&P have gained 26.8% and 6.2%, respectively, since the final closing bell of 2019.
Some steps in the right direction?
While there are concerns for the resurgence in Asia and European nations, in the US at least, the summer outbreak of COVID in parts of the US appears to be unwinding.
Analysts at ANZ Bank notes that the case numbers in Florida are slowing to their lowest level since mid-June and Arizona reporting no new deaths.
Reports that the Trump administration is considering issuing an emergency use authorisation for the AstraZeneca-Oxford University vaccine also has a few hopes up. However, a spokesperson from AstraZeneca said it would be premature to speculate.
S&P 500 levels
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