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Investing.com – Wall Street advanced Monday as positive coronavirus vaccine news eased investor worries about the economic recovery and fueled a rally in pandemic-pressured sectors of the market.
The Dow Jones Industrial Average rose 0.91%, or 253 points. The S&P 500 and Nasdaq Composite rose 0.74% and 0.58% respectively to intraday record highs.
Signs the U.S. is stepping up efforts in its fight against the coronavirus pandemic eased investor worries about the pace of the recovery.
The Trump administration is reportedly considering a push for an emergency use authorization for AstraZeneca (NYSE:AZN)’s potential coronavirus drug ahead of the U.S. election in November.
Also helping sentiment, the U.S. Food and Drug Administration granted emergency authorization for the use of convalescent plasma as a treatment for patients hospitalized with the virus.
Positive virus treatment news sent cyclical corners of the market like energy and financials sharply higher, lifting the broader market.
Energy was also helped by a rise in oil prices as oversupply worries eased after more than half of U.S. production in the Gulf of Mexico was temporarily taken offline ahead of two tropical storms this week.
Tourism and travel sectors, which have an acute exposure to the pandemic, also trended higher, with airlines and cruise lines among the biggest gainers.
Carnival (NYSE:CCL), American Airlines (NASDAQ:AAL) rose 8%, while Wynn Resorts (NASDAQ:WYNN) and Expedia (NASDAQ:EXPE) were up more than 3%.
Tech also played a role in the rally on Wall Street as Apple (NASDAQ:AAPL) continued to steal the show, hitting a record intraday high.
Apple rose 2% after Morgan Stanley (NYSE:MS) lifted its price target on the stock to a street high of $520 from $431. Apple’s record day comes ahead of its four-for-one share split.
