- US stocks closed at record highs on Monday amid the FDA's approval of Pfizer's COVID vaccine.
- The S&P 500 and Nasdaq 100 closed at record highs, while the Dow Jones was up more than 200 points.
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US stocks rebounded from last week's losses and closed at record highs on Monday.
The S&P 500 and Nasdaq 100 closed at record levels, while the Dow Jones traded up more than 200 points. The move higher came amid the FDA's first official approval of Pfizer's COVID-19 vaccine. Officials hope the vaccine approval will speed up vaccination rates among hesitant people.
And investors likely think a potential boost in vaccination rates will help squash the ongoing surge in the COVID-19 delta variant and lead to a continued reopening of the economy.
Here's where US indexes stood at the 4:00 p.m. ET close on Monday:
- S&P 500: 4,479.51, up 0.85%
- Dow Jones Industrial Average: 35,335.71, up 0.61% (215.63 points)
- Nasdaq Composite: 14,942.65, up 1.55%
Cryptocurrencies surged on Monday, with bitcoin topping the $50,000 level for the first time in three months. Meanwhile, cardano surged to an all-time high just below $3, and became the third largest cryptocurrency in the world by market value.
PayPal is looking to expand its presence in the crypto space, and will now allow customers in the UK to buy, hold, and sell four digital tokens. Those tokens are bitcoin, ethereum, litecoin, and bitcoin cash.
Richard Branson is continuing his SPAC spree with new plans to bring Virgin Orbit public. The deal will value the satellite-launching company at $3.7 billion. Virgin Orbit was previously spun off from Virgin Galactic.
Robinhood received its first Wall Street analyst notes on Monday, with a mixed bag of views on the outlook for the popular brokerage app.
Shares of Trillium Therapeutics soared as much as 200% on Monday after Pfizer agreed to acquire the oncology company for $2.3 billion. Pfizer was up as much as 5% in Monday trades following the approval by the FDA of its vaccine.
Oil prices jumped. West Texas Intermediate crude was up as much as 5.34%, to $65.47 per barrel. Brent crude, oil's international benchmark, rose 5.23%, to $68.59 per barrel.
Gold jumped as much as 1.25%, to $1,806.30 per ounce.