NEW YORK - Wall Street gained ground on Monday and surging technology shares pushed the Nasdaq to a record closing high, as promising trial results from potential Covid-19 vaccines helped investors look beyond spiraling new cases of the disease.
Most recently, drugs from AstraZenica, CanSino Biologics Inc and from a partnership between Pfizer Inc and German biotech firm BioNTech were safely administered and induced immune responses. The US Congress, still looking to mitigate the pandemic's economic effects, was set for a week of partisan wrangling over a new relief package, with two weeks until enhanced jobless benefits expire for millions of Americans.
In aggregate, analysts now expect S&P 500 second-quarter earnings to have dropped 43.2% year-on-year, per Refinitiv. Moderna Inc shares tumbled 12.8% on positive results from its competitors' rival Covid-19 drug trials. Electric automaker Tesla Inc rose 9.5% to reach a record closing high of $1,643.
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