US stocks power to record high

US stocks power to record high

  • Buoyant investors lift global equities amid hopes on vaccine and monetary policy shifts

The US stock market powered to a new high on Monday, with companies hard hit by the coronavirus pandemic providing a lift to the benchmark S&P 500.

The index rose 1 per cent to close at a record 3,431.28. Shares of airlines, cruise operators and retailers, which have been pummeled this year, were among the top performing stocks on Monday as coronavirus cases in the country slipped and there were hopes of swift progress towards a vaccine.

The Trump administration is considering bypassing US regulatory standards to fast-track an experimental vaccine being developed in the UK by Oxford university and AstraZeneca before the November general election, the Financial Times reported at the weekend. The US has also just given emergency authorisation for the use of plasma from recovered patients to treat some people currently in hospital.