Major stock indexes continued their bullish ascent to new highs on Monday after Moderna announced that its vaccine candidate has a better efficacy rate than Pfizer's–without the same stringent cold-storage requirements; here are the stocks and sectors that are booming–or rebounding–the most on the brightening prospects of a return to pre-pandemic normalcy.... [+]The Dow Jones Industrial Average and S&P 500 closed Monday at new record highs, climbing about 1.6% and 1.
Energy stocks by far led gains for the S&P 500, with firms like TechnipFMC, Schlumberger and Valero Energy among the day's best performers–all adding roughly 10% on Monday, though they're still down more than 40% for the year. Big boosts to airline and aerospace stocks helped industrials post the S&P 500's second-best sector gain of the day, with Boeing leading the rebound, soaring 8% , while American, Delta and United Airlines surged 4% to 5%.
Also outperforming the broader market, the Financial Select Sector SPDR Fund climbed 2%, as"bullish vaccine developments make it less likely banks will need to substantially build reserves" and"more likely that the Federal Reserve will lift capital return restrictions at the end of this year," says Vital Knowledge Media founder Adam Crisafulli.
Though they're all still at least 45% below January levels, shares of the nation's three largest cruiseliners–Carnival, Royal Caribbean and Norwegian–also added back some of their losses–surging 10%, 7% and 6%, respectively, just one day after Royal Caribbean revealed more than 100,000 people haveStrong fundamentals during an investor rotation to value stocks has also helped buoy small-caps; the Russell 2000 Index added 2% on Monday to close at a new all-time high, and Morgan Stanley...
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Stock markets are not as rational as one might think. Take the case of Hertz; when their stock price surged spectacularly just after they filed for bankruptcy.
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