Stocks climbing in early Monday trade on Wall Street, adding to their record-breaking run from last week, the futures are still climbing extending this V-Shaped Bull run off of the 23 March instant recession lows.
The S&P 500 (+1.0%) and NAS Comp (+0.6%) rose to new record highs on Monday, as sentiment was boosted by news the FDA approved emergency use authorization for convalescent plasma in hospitalized C-19 coronavirus patients. The DJIA gained 1.4%, and the Russell 2000 gained 1.0%.
Pharmaceutical companies continue to work toward a possible vaccine to halt the spread of C-19 coronavirus and after President Trump Sunday approved an emergency authorization to allow the use of convalescent plasma to treat patients. The plasma comes from patients who have recovered from the coronavirus and have antibodies, and it is known help people battling the disease
It was “great” for the Food and Drug Administration to grant an emergency use authorization for convalescent plasma for the treatment of C-19, but it could have been done earlier, White House trade adviser Peter Navarro said Monday.
“This has been around for numerous things for decades, right? And the odds on the safety end the odds of somebody being hurt by this is close to Zero and probably Zero,” Mr. Navarro said. “The odds of this working is close to 100%. So in that case why would you drag your heels? It was great what the FDA did yesterday. It could have been done a week before or a couple of weeks ago based on convalescent plasma.”
He added that President Trump is working on “all these different fronts in ‘Trump time,'” or as quickly as possible.
Monday, the major US stock market indexes finished at: DJIA +378.13 at 28308.46, NAS Comp +67.92 at 11379.72, S&P 500 +34.12 at 3431.28
Volume: Trade on the NYSE came in light at 773-M/shares exchanged
HeffX-LTN’s overall technical analysis of the major US stock market indexes is Very Bullish across the board.
- NAS Comp +26.8% YTD
- S&P 500 +6.2% YTD
- DJIA -0.8% YTD
- Russell 2000 -6.0% YTD
- Europe: DAX +2.4%, FTSE +1.7%, CAC +2.3%
- Asia: Nikkei +0.3%, Hang Seng +1.7%, Shanghai +0.2%
Monday’s market’s gains were broad, with 75% stocks in the S&P 500 finishing higher. That is a Key marker, as much of the stock market’s gains in its return to a record have come from a small group of Big Tech companies since the end of July.
Investors are waiting to hear from Fed Chairman Powell later this week at a virtual Jackson Hole event. Investors and analysts follow speeches given at the annual Jackson Hole event, where Fed officials in the past have made huge market-moving headlines about interest-rate policy. This year’s event is titled “Navigating the Decade Ahead: Implications for Monetary Policy.”
Looking Ahead: Investors will receive New Home Sales for July, the Consumer Confidence Index for August, the FHFA Housing Price Index for August, and the S&P Case-Shiller Home Price Index for June Tuesday.
Have a healthy day, Keep the Faith!