The S&P 500 on Monday was headed for its best day since June 5 as bond markets calmed after a month-long selloff, while encouraging updates on COVID-19 vaccines and fiscal stimulus bolstered bets over a swift economic recovery.
The Dow was on pace for its best daily gain in nearly four months, while the Nasdaq was set for its best daily percentage gain in a month.
Johnson & Johnson rose 1.8% as it began shipping its single-dose vaccine after it became the third authorized COVID-19 vaccine in the United States over the weekend.
President Joe Biden scored his first legislative win as the House of Representatives passed his $1.9 trillion coronavirus relief package early Saturday. The bill now moves to the Senate.
U.S. bond yields eased on Monday after a swift rise last month on expectations of accelerated inflation due to bets on an economic rebound. The U.S. 10-year treasury yield eased to 1.419% after hitting a one-year high of 1.614%.
“The sentiment is risk on with more investors showing interest towards cyclical stocks while a positive vaccination drive and better macro numbers are hinting towards a better growth environment,” said Keith Buchanan, portfolio manager at GLOBALT in Atlanta.
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