S&P 500, NASDAQ POST GAINS ON CPVID TREATMENT HOPES

The S&P 500 and the Nasdaq scaled new heights on Monday, boosted by technology mega-caps and US approval for the emergency use of blood plasma in treating COVID-19 patients, Medha Singh reported for Reuters.

The US Food and Drug Administration’s decision to use antibody-rich plasma from recovered patients was hailed by Trump and came a day after he accused it of impeding the rollout of treatments for political reasons. The World Health Organization (WHO), however, was cautious about endorsing the treatment, citing “low quality” evidence that it works.

Apple Inc gained 2.7% to cross $500 per share for the first time, providing the biggest boost to the three main stock indexes. Facebook, Amazon, Microsoft and Google-parent Alphabet Inc that along with Apple represent nearly a quarter of the S&P 500’s market capitalization, climbed between 0.9% and 3.5%. Consumer discretionary, technology and communication services led gains among the major S&P sectors.

At 9:46 a.m. ET, the Dow Jones Industrial Average was up 127.30 points, or 0.46%, at 28,057.63, the S&P 500 was up 26.80 points, or 0.79%, at 3,423.96. The Nasdaq Composite was up 146.54 points, or 1.30%, at 11,458.34. Advancing issues outnumbered decliners by a 2.12-to-1 ratio on the NYSE and by a 1.43-to-1 ratio on the Nasdaq. The S&P index recorded 39 new 52-week highs and no new low, while the Nasdaq recorded 61 new highs and 13 new lows.