More encouraging news on the development of coronavirus vaccines and treatments helped power stocks higher on Wall Street Monday, as the market clawed back most of its losses from last week The S&P 500 index rose 0.6%, led by banks, energy, and industrial companies, sectors that have been beaten down during the pandemic, the AP reports. Health care and technology stocks, which traders have bid up sharply this year, closed lower. Treasury yields mostly rose, another sign of optimism among investors. The S&P 500 rose 20.05 points to 3,577.59. The benchmark index, which climbed to an all-time high a week ago, recouped nearly three-fourths of its decline from last week. The Dow Jones Industrial Average gained 327.79 points, or 1.1%, to 29,591.27. The technology-heavy Nasdaq composite added 25.66 points, or 0.2%, to 11,880.63.
The latest vaccine developments are helping to raise hopes that some normalcy will eventually be restored to everyday life and the economy. AstraZeneca is the latest drug developer to report surprisingly good results from ongoing vaccine studies. Regeneron Pharmaceuticals received US government approval for emergency use of its COVID-19 treatment. The vaccine and treatment developments are also tempering lingering concerns over rising virus cases in the US and new government restrictions on businesses aimed at limiting the spread. "Investors continue to embrace and see the optimism in the development of vaccines, providing light at the end of the tunnel and multiple choices on how to get there," says Adam Taback, chief investment officer for Wells Fargo Private Bank.
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