S&P 500, Nasdaq rise on vaccine hopes, tech boost
By Devik Jain and Medha Singh (Reuters) - The S&P 500 rose on Monday as promising early data on a host of COVID-19 vaccine candidates countered fears over a surge in infections, while gains in technology stocks put the Nasdaq on track for a record closing high. Amazon.com Inc jumped 5.6% and provided the top boost to the tech-heavy index after two brokerages raised their price targets on the stock.
By Devik Jain and Medha Singh
(Reuters) - The S&P 500 rose on Monday as promising early data on a host of COVID-19 vaccine candidates countered fears over a surge in infections, while gains in technology stocks put the Nasdaq on track for a record closing high.
In contrast, the Dow was dragged down by industrial companies 3M Co
NYSE FANG+TM Index <.NYFANG>, which houses Facebook
U.S. drugmaker Pfizer
In the United Kingdom, data showed an experimental vaccine being developed by AstraZeneca and Oxford University against the virus produced an immune response in early-stage clinical trials, preserving hopes it could be in use by the end of the year.
"Even though we had some good vaccine news, the Phase-3 trials for many of these things is the hardest part and is very difficult to get through," said Elliott Savage, portfolio manager of the YCG Enhanced Fund in Austin, Texas.
"At this point, the fiscal stimulus is the next thing on investors' mind. If there were a big audacious kind of fiscal stimulus package, then that could definitely cause the market to move higher."
Congress is set to debate a new aid package this week with some support programmes due to expire by the end of the month. Record levels of new COVID-19 cases are also forcing many states to back-pedal their reopening plans.
Signs of progress on a potential coronavirus vaccine, improving economic data and a relatively upbeat start to the second-quarter earnings season helped the S&P 500 and the Dow rise for three consecutive weeks.
The benchmark S&P 500 is now about 5% down from its Feb. 19 record close.
At 12:38 p.m. ET, the Dow Jones Industrial Average <.DJI> was down 35.19 points, or 0.13%, at 26,636.76 and the S&P 500 <.SPX> was up 12.92 points, or 0.40%, at 3,237.65. The Nasdaq Composite <.IXIC> was up 158.18 points, or 1.51%, at 10,661.37.
Technology <.SPLRCT>, consumer discretionary <.SPLRCD> and communication services <.SPLRCS> rose, while utilities <.SPLRCU> and industrials <.SPLRCI> lagged the most.
Oilfield services giant Halliburton Co
Noble Energy Inc's
This week, Tesla Inc
Declining issues outnumbered advancers for a 1.23-to-1 ratio on the NYSE and nearly advancers on the Nasdaq.
The S&P index recorded 37 new 52-week highs and no new low, while the Nasdaq recorded 104 new highs and 10 new lows.
(Reporting by Devik Jain and Medha Singh in Bengaluru; Editing by Saumyadeb Chakrabarty and Maju Samuel)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
SHANGHAI (Reuters) - Tesla is planning to export Model 3 vehicles made in China to Asian and European markets, two sources familiar with the matter told Reuters on Friday. The U.S.
By Lucia Mutikani WASHINGTON (Reuters) - U.S. consumer prices rose solidly in August, with the cost of used cars and trucks accelerating by the most in more than 51 years likely as Americans shunned public transportation because of fears of contracting COVID-19
By Tanishaa Nadkar and Pushkala Aripaka (Reuters) - Life and general insurer Aviva is offloading its Singapore business to a consortium led by Singapore Life, for S$2.7 billion ($1.98 billion), as the London-listed firm sharpens its focus on Britain, Ireland and Canada.