S&P, Nasdaq close at new highs as Wall Street rides bull momentum

The benchmark S&P 500 reclaimed its February closing high last week, confirming a bull market and the fastest recovery from a bear market trough on record.

“There’s been a broadening in this rally and that’s what’s reflected in the transports,” said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. “ volume is accompanying this expanding breadth, and those are all bullish things.” The Trump administration is considering fast-tracking an experimental COVID-19 vaccine being developed by AstraZeneca Plc and Oxford University in hopes it could be deployed in the United States before Americans head to the polls in November.

On Capitol Hill, Democrats and Republicans remained at loggerheads over funding levels and unemployment benefits. Ahead of its 4-to-1 share split on Friday, Apple Inc provided the biggest boost to the S&P 500 and the Nasdaq, its share price closing above $500 days after becoming the first public U.S. company to top $2 trillion in market value. The stock gained 1.2%.Advancing issues outnumbered declining ones on the NYSE by a 2.52-to-1 ratio; on Nasdaq, a 1.26-to-1 ratio favored advancers.

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Wall Street rides bull market momentum, S&P, Nasdaq on course for new highsWall Street gained on Monday, setting the S&P 500 and the Nasdaq on track for record closing highs as optimism over potential medical advances in the war against the coronavirus pandemic helped keep investors in a buying mood. When Trump teased this, there were several people who stated that, as is his pattern, he drops this kind of BS to coincide with market openings to 'positive news'. I'd love to see a timeline of his statements, how the markets reacted, who bought, who sold, and who is in on it. THE STOCK MARKET IS NOT THE ECONOMY!!!!!!
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Source: Reuters - 🏆 2. / 97 Read more »