US stocks open the week like they closed last week: on a high note, amid news the US Food and Drug Administration (FDA) had authorized the use of a COVID-19 treatment.
About 30 minutes into the Monday trading session, the benchmark Dow Jones Industrial Average climbed 0.5 percent to 28,081.45.
The broad-based S&P 500 jumped 0.7% to 3,419.92, and the tech-rich Nasdaq Composite Index increased 0.8% to 11,400.51, remaining buoyant after more than 30 record closes in 2020.
The quiet days of late August often produce big swings in share prices, but Wall Street got a boost after the FDA on Sunday issued an “emergency use authorization” allowing doctors to administer plasma from people who have recovered from COVID-19 to treat new patients.
“Based on scientific evidence available, the FDA concluded this product may be effective in treating COVID-19 and that the known and potential benefits of the product outweigh the known and potential risks of the product in hospitalized COVID-19 patients,” the agency said in a statement.
— AFP
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From the Liveblog of
Monday, August 24, 2020
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