The S&P 500 and Nasdaq rose on Monday as promising early data on multiple COVID-19 vaccine candidates countered fears in some quarters over increasing cases. The gains in technology stocks, including Apple, put the Nasdaq on track for a record closing high.
NYSE FANG+ Index, which houses Facebook, Apple, Amazon, Netflix, and Alphabet, was up 2%.
U.S. drugmaker Pfizer and German biotech firm BioNTech reported additional data from their experimental COVID-19 vaccine that showed it was safe and induced an immune response in patients. Pfizer’s shares rose 0.8%.
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.
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.
MacDailyNews Take: Hopefully the vaccine will come more quickly than previously thought possible as Operation Warp Speed accelerates development by funding steps to proceed simultaneously versus the usual sequential process. Until then, try to be as safe as you can be – wash your hands frequently, keep your hands away from your face, wear a mask in public, practice social distancing, etc.
The CDC guidelines for how to protect yourself and others — especially older adults and people who have severe underlying medical conditions like heart or lung disease or diabetes and are at higher risk for developing serious complications from COVID-19 — are here.
MacDailyNews Note: Shares of Apple are currently above $390. The all-time high intraday high stands at $399.82, set on July 13, 2020. Apple’s all-time closing high is $390.90, set on July 15, 2020.