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The Dow Jones Industerials and S&P 500 both hit new highs on Monday as investors grew optimistic about the economic reopening from the pandemic.
The 30-stock index recovered 174.82 points to 32,953.46, its seventh positive session in a row for the first time since August.
The S&P regained 25.6 points, to 3,968.94, to a fresh all-time high for its fifth straight day of gains.
The NASDAQ Composite leaped 139.84 points, or 1.1%, to 13,459.71.
Stocks that will benefit most from a swift economic comeback from the pandemic led the gains. American Airlines saw its shares propelled 7.7%, and United Airlines shares rose 8.3%.
Air travel over the weekend hit its highest level in more than a year as the COVID-19 vaccine rolls out and Americans return to vacationing.
As a part of the $1.9-trillion stimulus package that became law last week, the IRS started processing $1,400 direct payments for millions of Americans, which is expected to add juice to the already recovering economy.
Air travel over the weekend hit its highest level in more than a year as the COVID-19 vaccine rolls out and Americans return to vacationing.
Stocks hit their lows of the day as Italy joined Germany, Ireland and the Netherlands in suspending the use of the coronavirus vaccine developed by AstraZeneca and the University of Oxford over blood clot concerns.
Investors will be gearing up for Wednesday when the Federal Reserve will deliver its decision on interest rates. The central bank is expected to acknowledge much better growth in the economy. Bond pros are also watching to see whether Fed officials will tweak their interest rate outlook, which now does not include any rate hikes through 2023.
On the vaccine front, President Joe Biden announced last week that he would direct states to make all adults eligible for the vaccine by May 1. Biden also set a goal for Americans to be able to gather in person with their friends and loved ones in small groups to celebrate the Fourth of July.
Prices for 10-Year Treasurys moved higher, dropping yields to 1.60% from Friday’s 1.63%. Treasury prices and yields move in opposite directions.
Oil prices gave back 16 cents to $65.45 U.S. a barrel.
Gold prices grew $10.40 to $1,730.30.
