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Wall St gains, Nasdaq notches record closing high on full vaccine approval

Stock MarketsAug 23, 2021 07:05PM ET
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© Reuters. Signage hangs over the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 19, 2021. REUTERS/Andrew Kelly

By Stephen Culp

(Reuters) - Wall Street rallied on Monday, and the Nasdaq reached an all-time closing high as sentiment was boosted by full FDA approval of a COVID-19 vaccine and market participants looked ahead to the Jackson Hole Symposium expected to convene later this week.

All three major U.S. stock indexes ended the session sharply higher, with the S&P 500 in the session's final minutes just failing to hold what would have been a record-high close.

Surging crude prices, driven by expected demand growth, putting energy shares out front.

"This has been the script all along," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. "We make new highs, pull back, and then we’re off to the races again."

"That tells me the fundamentals are in place," Cardillo added. "There’s worries out there, but it’s hard to keep this market down."

The U.S. Food and Drug Administration (FDA) granted full approval to the COVID-19 vaccine developed by Pfizer Inc (NYSE:PFE) and BioNTech in a move that could accelerate inoculations in the United States.

"Full approval means that there’s most likely going to be more mandates, more companies will mandate that you have to get the vaccine in order to get back to the office," Cardillo said. "I don’t think this will get all the doubters vaccinated but this news today will probably drive (the vaccinated rate) closer to 75%."

Pfizer and U.S.-listed shares of BioNTech advanced 2.5% and 9.6%, respectively.

Rival Moderna (NASDAQ:MRNA) Inc gained 7.5%.

Spiking COVID-19 infections caused by the highly contagious Delta variant have fueled concerns over a protracted recovery from the global health crisis.

Data released on Monday painted a "Goldilocks" portrait of an economic recovery headed in the right direction, but not enough to warrant a change in the Federal Reserve's dovish monetary policy, which helped feed investor risk appetite.

Market participants look to the Jackson Hole Symposium, due to convene in Wyoming later this week. The comments of Fed Chairman Jerome Powell will be closely parsed for clues regarding the central bank's policy-tightening timeline.

The Dow Jones Industrial Average rose 215.63 points, or 0.61%, to 35,335.71, the S&P 500 gained 37.86 points, or 0.85%, to 4,479.53 and the Nasdaq Composite added 227.99 points, or 1.55%, to 14,942.65.

Of the 11 major sectors in the S&P 500, seven ended the session green, with energy enjoying its best day in nearly two months.

Exxon Mobil Corp (NYSE:XOM) and Chevron Corp (NYSE:CVX) gained 4.1% and 2.6%, respectively.

U.S.-listed shares of Trillium Therapeutics (NASDAQ:TRIL) Inc soared 188.8% after Pfizer agreed to buy the cancer drug developer in a $2.26 billion deal.

General Motors Co (NYSE:GM) fell 1.3% following its announcement that it would take a $1 billion hit to expand the recall of its Chevrolet Bolt electric vehicles.

Advancing issues outnumbered declining ones on the NYSE by a 2.46-to-1 ratio; on Nasdaq, a 2.81-to-1 ratio favored advancers.

The S&P 500 posted 57 new 52-week highs and 1 new low; the Nasdaq Composite recorded 108 new highs and 54 new lows.

Volume on U.S. exchanges was 8.63 billion shares, compared with the 9.15 billion average over the last 20 trading days.

Wall St gains, Nasdaq notches record closing high on full vaccine approval
 

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I had written up a commentary that I intended to send out this morning that was going to focus on some bigger-picture, strategic items related to market cycles and developing...

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Comments (10)
Matt Novakovich
Matt Novakovich Aug 23, 2021 3:22PM ET
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we need this market to recover from the pandemic. the Fed needs to provide the proper stimulus
JAMES CUNHA
JAMES CUNHA Aug 23, 2021 3:22PM ET
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...so 18 months of low interest loans is insufficient?
soho electronics
soho electronics Aug 23, 2021 2:52PM ET
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markets going up cause a sensible people going short, this gives an extra bump in the markets. the only way is up!!!
perplexed76 .
perplexed76 . Aug 23, 2021 1:34PM ET
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what's moves markets: father of all gamblers mr.powell will be with us till near financial crash
michael engel
michael engel Aug 23, 2021 1:05PM ET
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SPX weekly log, entered the "windows on the world" top view. Draw a line from Feb 14 2011 hi to Nov 24 2014. SPX reached the top.
me ish
me ish Aug 23, 2021 1:05PM ET
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also pretty much on the monthly fib extension from 08/08 crash - it can perhaps edge a little higher to 4532, but yeah, it's pretty much there - major sell off between now and end of Sept - remember, crashes often occur when all looks rosy and folk are ecstatically buying like there's only one way, which is up - when you hear so many noobs saying this, you know you're close to a large correction.
Iyarin Boonnum
Iyarin Boonnum Aug 23, 2021 12:50PM ET
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Boost mRNA every 3 months then monsters era is coming 🤣🤣
me ish
me ish Aug 23, 2021 12:50PM ET
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yeah, there are plenty of top scientists in medicine, microbiology and virology all saying that these vaccines are causing irreversible blood clots and damage to all those who have been vaxxed - death rates and injury rates (which are of course being suppressed by the MSM) are on the rise - it's only a matter of time that the truth comes out and the vaccinated start dropping like flies. Let's see how the markets react to that.
Steffen vdm
Steffen vdm Aug 23, 2021 12:39PM ET
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Common sense has another day off?
Roger Miller
Roger Miller Aug 23, 2021 11:28AM ET
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With worsening economic data shown in both the US and EU PMI’s investors are betting on easy money from the central planners, and they are probabally not wrong.
Pierce Bourgeois
Pierce Bourgeois Aug 23, 2021 10:41AM ET
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I'm bullish but this market scares me
John Snowden
John Snowden Aug 23, 2021 10:41AM ET
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then it's a good time to invest, for “Bull markets are born on PESSIMISM, grow on SKEPTICISM, mature on OPTIMISM and die on EUPHORIA.” - John Templeton
me ish
me ish Aug 23, 2021 10:41AM ET
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John Snowden  I would say we've reached the euphoria!
Vlad Lozovskiy
Vlad Lozovskiy Aug 23, 2021 9:17AM ET
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I'm so happy I got boost from oil.  Now I will pay more at the pump!!! Thanks
me ish
me ish Aug 23, 2021 9:17AM ET
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yeah, high oil prices = even higher than already inflation, alongside the unfolding disaster in the global supply chains which may well be the black swan event that no-one is seeing or paying attention to - logistics is boring to most folk, but essential to profitability!
jason xx
jason xx Aug 23, 2021 7:56AM ET
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Ok u didn't even mention PMI data but it's in headline
 
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