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<br>By Devik Jain<br> <br>Aug 24 (Reuters) – The S&P 500 and Nasdaq hit record highs on Tuesday, boosted by oil and travel-related stocks, after a full U.S.
approval of a COVID-19 vaccine raised hopes of a quicker economic recovery.<br> <br>Seven of the 11 major S&P sectors advanced in early trading, with energy, industrial and financial stocks building on Monday’s gains after the U.S. FDA fully approved Pfizer’s COVID-19 vaccine.<br> <br>Cruise operators including Carnival Corp rose more than 3%, while casino companies MGM Resorts and Wynn Resorts added between 2.9% and 4.7% on hopes that the approval would increase U.S.vaccination rates and spark a stronger rebound in travel and leisure.<br> <br>The S&P 1500 airlines index rose 3.2%.<br> <br>A surge in COVID-19 infections caused by the highly contagious Delta variant has whipsawed Wall Street this month on concerns about a slowing economic recovery from the health crisis.<br> <br>Still, a strong earnings season and hopes that the Federal Reserve will maintain its ultra-loose monetary policy stance put the S&P 500 on course for its seventh straight monthly gain, with a 2% rise so far in August.<br> <br> »The market can continue to grind higher as long as earnings momentum continues to build. It accurately reflects the balance of risks that investors see right now, » said Lauren Goodwin, economist and portfolio strategist at New York Life Investments.<br> <br> »Despite some of the building concerns around Delta variant, the base case for many investors is that it will slow, not derail the economy. »<br> <br>The Fed’s annual Jackson Hole symposium later this week will be closely watched for Chair Jerome Powell’s speech, which could offer clues on the central bank’s policy-tightening timeline.<br> <br>At 10:34 a.m.
ET, the Dow Jones Industrial Average rose 51.59 points, or 0.15% , to 35,387.30, the S&P 500 gained 10.69 points, or 0.24 %, to 4,490.22 and the Nasdaq Composite gained 76.74 points, or 0.51%, to 15,019.40.<br> <br>Mega-cap growth names Apple Inc, Amazon.com and Google-owner Alphabet Inc rose 0.7% each.<br> <br>A rally in U.S.-listed Chinese technology stocks also boosted the Nasdaq, with Pinduoduo Inc surging 17% after the e-commerce platform reported its first ever quarterly profit.<br> <br>Shares of JD.com also gained 10.6% a day after its results and on comments that the Chinese online retail giant does not expect any business impact from a wave of regulations hitting the industry at home.<br> <br>Best Buy Co Inc gained 5. In the event you loved this article and you want to receive more details about 918kiss kindly visit our own web-site. 5% after it raised its full-year comparable sales forecast, as the electronics retailer expects demand to be resilient.<br> <br>Palo Alto Networks Inc jumped 16% as brokerages raised their price targets on the stock after the cybersecurity firm forecast full year 2022 earnings above Wall Street’s estimates.<br> <br>Advancing issues outnumbered decliners by a 2.4-to-1 ratio on the NYSE and by a 1.7-to-1 ratio on the Nasdaq.<br> <br>The S&P 500 posted 23 new 52-week highs and one new low while the Nasdaq recorded 91 new highs and 43 new lows.
(Reporting by Devik Jain in Bengaluru; Editing by Anil D’Silva and Sriraj Kalluvila)<br>
