(RTTNews) - After an early move to the upside, stocks remain mostly positive in mid-day trading on Monday. The tech-heavy Nasdaq briefly dipped below the unchanged line in late morning trading but has rejoined the Dow and the S&P 500 in positive territory since then.
The Nasdaq is well off the record intraday high set in early trading but is currently up 69.04 points or 0.6 percent at 11,380.84. The Dow is up 256.57 points or 0.9 percent at 28,186.90 and the S&P 500 is up 69.04 points or 0.6 percent at 11,380.84.
The strength on Wall Street comes following upbeat news on the coronavirus front, with companies that have been hit hardest by the pandemic, like cruise operators and airlines, helping lead the markets higher.
The Food and Drug Administration announced Sunday that it has issued an emergency use authorization for investigational convalescent plasma for the treatment of COVID-19 in hospitalized patients.
The FDA concluded convalescent plasma may be effective in treating COVID-19 and that the known and potential benefits of the product outweigh the known and potential risks.
"I am committed to releasing safe and potentially helpful treatments for COVID-19 as quickly as possible in order to save lives, said FDA Commissioner Dr. Stephen Hahn.
He added, "The data from studies conducted this year shows that plasma from patients who've recovered from COVID-19 has the potential to help treat those who are suffering from the effects of getting this terrible virus."
Adding to the positive sentiment, a report from the Financial Times said the Trump administration is considering fast-tracking an experimental coronavirus vaccine from the U.K. for use in America ahead of the presidential election.
Citing three people briefed on the plan, the FT said one option being explored to speed up the availability of a vaccine would involve the FDA awarding emergency use authorization in October to a vaccine being developed in a partnership between AstraZeneca (AZN) and Oxford University.
Shares of Apple (AAPL) have also helped lead a continued rally by tech stocks, as today marks the record date for the tech giant's recently announced 4-for-1 stock split.
Sector News
Airline stocks continue to see substantial strength in mid-day trading, with the NYSE Arca Airline Index soaring by 5.9 percent.
Considerable strength also remains visible among energy stocks, which are benefiting from optimism about the outlook for demand.
Reflecting the strength in the energy sector, the Philadelphia Oil Service Index has spiked by 4.7 percent, the NYSE Arca Oil Index is up by 2.6 percent and the NYSE Arca Natural Gas Index is up by 1.7 percent.
Computer hardware stocks have also shown a strong move to the upside on the day, driving the NYSE Arca Computer Hardware Index up by 3 percent. The index is on pace to end the session at a six-month closing high.
Banking, chemical and steel stocks are also seeing considerable strength on the day, while biotechnology stocks are among the few groups bucking the uptrend.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday. Japan's Nikkei 225 Index rose by 0.3 percent, while Hong Kong's Hang Seng Index surged up by 1.7 percent.
The major European markets also showed strong moves to the upside on the day. While the U.K.'s FTSE 100 Index jumped by 1.7 percent, the French CAC 40 Index and the German DAX Index spiked by 2.3 percent and 2.4 percent, respectively.
In the bond market, treasuries have turned lower over the course of the session after seeing early strength. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by nearly a basis point at 0.649 percent.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
