US stocks continue to rally this week as positive news regarding coronavirus treatments and vaccines creates appetite for market bulls. On Monday, the Dow Jones Industrial Average climbed 300 points, or 1.1%, hitting its session high in the final hours of trading. The S&P 500 rose 0.8% and hit an all-time high at the 3,400 level. The Nasdaq Composite gained 0.4% and also reached a record.
During today’s rally Apple shares rose 1% to lead other tech-related names higher, while Facebook gained 1.1% and Amazon climbed 0.2% along with Alphabet. Among other notable shares, airline and cruise stocks fared well with United Airlines climbing by more than 9% along with American Airlines and Delta gaining 8.5%.
Monday’s rallies come as the US reports a continued decline in the number of new Covid-19 cases, supported by reports of progress in the development of a vaccine, as well as newly authorized plasma treatments, which have been approved by the Federal Drug and Food Administration (FDA).
US markets are continuing a surge from last week when major technology shares, like Apple, pushed the S&P 500 to price levels exceeding the previous record set before the coronavirus pandemic.