Coronavirus News Lift S&P 500, Nasdaq to New Records

Airline and cruise stocks led the push higher today

Digital Content Manager
Aug 24, 2020 at 4:29 PM
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All three major indexes finished higher on Monday, building off of last week's record closes, thanks to some positive coronavirus news. Cases in the U.S. continued to decline, with the number of new daily infections down by almost half. A new COVID-19 treatment that uses recovered patient's blood plasma, as well as the government fast-tracking of AstraZeneca's (AZN) experimental vaccine also contributed to investor sentiment. The Dow finished over 300 points higher, extending its gains in the final hour of trading. Resurgent airline and cruise stocks, as well as continued upside from Big Tech helped the S&P 500 and Nasdaq secure their fifth-straight wins and second-straight record closes. 

Continue reading for more on today's market, including:

    • American Airlines stock soared thanks to a coronavirus disinfectant
    • A bullish signal could send this car stock speeding up the charts.
    • Plus, options bears set their eyes on AT&T stock; Pinterest stock downgraded; and a vaccine stock could be feeling pressure from the competition. 

    The Dow Jones Industrial Average (DJI - 28,308.46) added 378.1 points, or 1.4% for the day. Boeing (BA) finished with a 6.4% jump, pacing the 25 gainers. Pfizer (PFE) paced the five laggards with a 0.1% fall.

    Meanwhile, the S&P 500 Index (SPX - 3,431.28) earned 34.1 points, or 1% for the day. The Nasdaq Composite (IXIC - 11,379.72) gained 67.9 points, or 0.6% for today's session.

    Lastly, the Cboe Volatility Index (VIX - 22.37) dropped 0.2 point, or 0.8% for the day.

    closing summary august 24

    nyse nasdaq 

    1. ByteDance, the owners of TikTok, filed a lawsuit against the U.S. government arguing the company was denied due process to prove it isn't a threat. (CNBC)
    2. Global dividend payments are at their lowest in more than a decade, as companies protect their balance sheets during the pandemic. (MarketWatch)
    3. AT&T stock is struggling to conquer several resistance levels on the charts.
    4. A brokerage firm said this social media stock's valuation is not compelling.
    5. This vaccine stock was down after news its competitor could be fast-tracked.

    There were no notable earnings reports today.

    unusual options august 24

    Data courtesy of Trade-Alert

    Gold Extends Losses Due to New COVID-19 Treatment 

    Oil futures finished higher on Monday, breaking a two-day losing streak as two tropical storms closed in on the Gulf of Mexico, forcing offshore drilling rigs that are responsible for more than half of the region's crude production, as well as almost half of the natural-gas output, to shut down. As a result, October-dated crude added 28 cents, or 0.5%, to end at $42.62 a barrel.

    Meanwhile, gold futures settled lower, extending last week's losses after investor sentiment was lifted by the U.S. Food and Drug Administration's (FDA) authorized use of convalescent plasma, an antibody-rich component for treatment of serious COVID-19 cases. Gold for December, the most-active contract, fell $7.80, or 0.4%, to settle at $1,939.20 an ounce.

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