Dow Jumps Nearly 400 Points, S&P 500 And Nasdaq Hit Fresh Record Highs

The Dow Jones Industrial Average was up 1.4%, nearly 400 points, on Monday, while the S&P 500 rose 1% and the tech-heavy Nasdaq Composite gained 0.6%.

The S&P 500 hit a fresh record high, closing above 3,400 for the first time, while the Nasdaq also reached a new record.

The Trump administration is considering fast tracking a vaccine from AstraZeneca and Oxford for approval and use before the November election, the Financial Times reported.

The market rose as the number of new coronavirus cases in the United States continues to decline: On Sunday, the number of new daily infections fell to less than 37,000, according to data from Johns Hopkins University.

The Food and Drug Administration on Sunday also issued an emergency use authorization of convalescent plasma for hospitalized coronavirus patients, a treatment which Trump has said cuts the mortality rate by 35%—although scientists are skeptical.

Adding to bullish sentiment was continued strength in Big Tech stocks, which helped push the market to record highs last week: Shares of Apple, Facebook and Microsoft all rose slightly.

Meanwhile, shares of companies that would benefit from a reopening of the economy—such as casinos and airlines—surged higher amid optimism for a coronavirus treatment.