“The market is now working out well into next year – expecting a vaccine or several, a couple of important therapeutic remedies as well, probably continued government aid, and people going back to work and children going back to school,” said David Rainey, co-portfolio manager of the Hennessy Focus Fund.
US stocks rose to record highs and bonds fell on signs that the Trump administration may fast-track vaccines and treatments for coronavirus.
The S&P 500 notched another all-time high as optimism mounted that the virus wouldn’t hamper growth. The Nasdaq Composite also closed a record for a second consecutive session. Companies that benefit from a more robust economic restart led the gains. Carnival Corp. and United Airlines Holdings Inc. surged more than 9%, while Kohl’s Corp. and Gap Inc. jumped at least 7%. Casinos, carmakers and homebuilders joined the rally. Of the 11 S&P industry sectors, only health care finished lower.
