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Thursday, June 8, 2023

S&P 500, Nasdaq Rise to Record Highs Amid Pandemic Treatment Optimism

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U.S. stock market indices the S&P 500 and Nasdaq rose to record highs and bonds fell on signs that the Trump administration may fast-track vaccines and treatments for coronavirus.

The S&P 500 Index climbed 1 percent to 3,431.41 as of 4:00 p.m. New York time, the highest on record with the largest increase in more than a week.
The Dow Jones Industrial Average surged 1.4 percent to 28,309.08, the highest in six months on the biggest jump in almost three weeks.
The Nasdaq Composite Index climbed 0.6 percent to 11,379.72, the highest on record.

Market sentiment was supported by news over the weekend that the U.S. Food and Drug Administration is working to expand access to a virus treatment involving blood plasma from recovered patients.

Separately, the Financial Times reported that the Trump administration is considering whether to bypass regulatory standards to accelerate an experimental vaccine.

European shares ended higher, with AstraZeneca Plc climbing 2 percent. Treasury yields rose and the dollar strengthened, while gold traded near $1,950 an ounce.

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