S&P, Nasdaq reach new peaks on Wall Street’s bullish run

The S&P 500 and the Nasdaq closed sessions with new record highs on Monday. The jump made by Wall Street’s major indexes could be attributed to investors’ upbeat sentiment over medical breakthroughs to combat the coronavirus.

The benchmark index S&P 500 reclaimed its February peak last week. This indicated a bullish momentum and the most rapid pace of recovery on record as it emerged from a bear market.

The blue-chip Dow, which came to be the biggest advancer on Monday, soared 4.2% below its all-time high. The Nasdaq recorded a 26.8% gain, while the S&P 500 jumped 6.2% since the final bell last year.

The Dow Transports index was seen performing better than the broader market. “There’s been a broadening in this rally and that’s what’s reflected in the transports,” said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana.