US close: Stocks finish higher on fresh Covid hopes
Wall Street stocks finished on the green on Monday, after the Food and Drug Administration issued an emergency use authorisation for convalescent plasma on Covid-19 patients.
At the close, the Dow Jones Industrial Average was up 1.35% at 28,308.46, as the S&P 500 added 1% to 3,421.28, and the Nasdaq Composite was 0.6% firmer at 11,379.72.
The Dow closed 378.13 points higher on Monday, as stocks looked to extend a seemingly unstoppable rally in tech shares which pushed the S&P 500 and Nasdaq Composite above their previous records.
Sentiment was boosted by the FDA's emergency authorisation of a treatment that uses blood plasma donated by people who've already recovered from Covid-19.
Donald Trump said on Sunday that the plasma treatment cuts the coronavirus' mortality rate by 35%.
Doctors acknowledged that while the treatment could possibly provide benefits to Covid-19 patients, there wasn't any type of conclusive evidence regarding its effectiveness, dosage or optimal administration period.
The White House was also said to be mulling over fast-tracking an experimental coronavirus vaccine developed in Britain for use in the US ahead of November's presidential election, according to the Financial Times.
“Markets have naturally been very sensitive to vaccine developments in recent months and it seems we're getting a bit of a bump this morning once again,” said Oanda's Craig Erlam.
“Trump is determined to deliver a vaccine before the 3 November election, something that could be a game-changer for the president as he looks to secure an unlikely second term, if the polls are to be believed.”
Also in focus was news that the Republican National Committee would go forego a traditional policy platform at its upcoming GOP convention, simply stating it would "continue to enthusiastically support the president's America-first agenda".
On the macro front, the Chicago Federal Reserve's national activity index fell to 1.18 in July from the revised all-time high of 5.33 recorded a month earlier. The three-month moving average also rose into positive territory - moving to 3.59 from -2.78 in June.
No major corporate earnings were released on Monday.
Dow Jones - Risers
Boeing Co. (BA) $178.27 6.43%
American Express Co. (AXP) $99.33 3.31%
Exxon Mobil Corp. (XOM) $42.22 2.95%
JP Morgan Chase & Co. (JPM) $100.06 2.82%
Travelers Company Inc. (TRV) $114.90 2.75%
Raytheon Technologies Corporation (RTX) $61.88 2.67%
Walt Disney Co. (DIS) $130.69 2.55%
Chevron Corp. (CVX) $87.20 2.49%
Goldman Sachs Group Inc. (GS) $207.34 2.43%
Caterpillar Inc. (CAT) $141.68 2.35%
Dow Jones - Fallers
Unitedhealth Group Inc. (UNH) $308.84 -1.69%
Johnson & Johnson (JNJ) $152.15 -0.40%
Intel Corp. (INTC) $49.14 -0.28%
Walmart Inc. (WMT) $131.33 -0.23%
Cisco Systems Inc. (CSCO) $42.18 -0.17%
Pfizer Inc. (PFE) $38.84 -0.10%
Dowdupont Inc. (DWDP) $30.52 0.00%
Microsoft Corp. (MSFT) $213.69 0.31%
McDonald's Corp. (MCD) $212.62 0.50%
Merck & Co. Inc. (MRK) $85.45 0.52%
S&P 500 - Risers
American Airlines Group (AAL) $13.44 10.53%
Carnival Corp. (CCL) $16.14 10.17%
United Airlines Holdings Inc (UAL) $36.32 9.93%
Westrock Company (WRK) $31.28 9.91%
Delta Airlines Inc. (DAL) $29.80 9.28%
Brighthouse Financial, Inc. (BHF) $31.03 9.03%
Kohls Corp. (KSS) $20.39 7.88%
Macerich Co (MAC) $8.01 7.81%
Norwegian Cruise Line Holdings Ltd (NCLH) $16.74 7.58%
Nordstrom Inc. (JWN) $15.57 7.53%
S&P 500 - Fallers
Centene Corp. (CNC) $60.28 -3.51%
Humana Inc. (HUM) $406.08 -3.03%
Hologic Inc. (HOLX) $65.33 -2.13%
Thermo Fisher Scientific Inc. (TMO) $419.77 -2.06%
Anthem Inc (ANTM) $279.16 -1.92%
Aon plc (AON) $190.17 -1.79%
Regeneron Pharmaceuticals Inc. (REGN) $594.77 -1.77%
Willis Towers Watson Public Limited Company (WLTW) $194.60 -1.76%
Unitedhealth Group Inc. (UNH) $308.84 -1.69%
Arista Networks Inc. (ANET) $218.83 -1.68%
Nasdaq 100 - Risers
American Airlines Group (AAL) $13.44 10.53%
Wynn Resorts Ltd. (WYNN) $86.79 4.83%
Expedia Group Inc. (EXPE) $95.46 4.79%
Hasbro Inc (HAS) $79.94 4.06%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $222.50 3.97%
NortonLifeLock Inc. (NLOK) $23.46 3.85%
Intuit Inc. (INTU) $333.12 3.38%
Qurate Retail Inc. (QRTEA) $10.61 3.16%
Dish Network Corp. (DISH) $34.58 3.13%
Booking Holdings Inc. (BKNG) $1,834.44 3.09%
Nasdaq 100 - Fallers
Biomarin Pharmaceutical Inc. (BMRN) $73.00 -2.71%
Hologic Inc. (HOLX) $65.33 -2.13%
Regeneron Pharmaceuticals Inc. (REGN) $594.77 -1.77%
Tesla Inc (TSLA) $2,014.20 -1.75%
Vertex Pharmaceuticals Inc. (VRTX) $267.43 -1.42%
Fastenal Co. (FAST) $47.88 -1.36%
Illumina Inc. (ILMN) $348.87 -1.19%
Amgen Inc. (AMGN) $235.57 -0.87%
Henry Schein Inc. (HSIC) $65.66 -0.74%
Idexx Laboratories Inc. (IDXX) $380.62 -0.74%