Day Traders Diary

8/24/20

The major averages build on last weeks' record-setting streak thanks to positive developments on coronavirus treatments and vaccines. The Dow Jones Industrial Average jumped 378 points or 1.35% moving into positive territory for the year. The S&P 500 climbed 1% and hit an all-time high. The Nasdaq Composite advanced 0.6% to a record high. Apple shares rose 1% to lead other tech-related names higher. Facebook climbed 1.1% and Amazon advanced 0.2% along with Alphabet.

Shares of airlines and cruise operators gained amid the coronavirus treatment developments. United Airlines rose by more than 9% along with American. Delta gained 8.5%. Carnival gained 9.3%. Norwegian Cruise Line and Royal Caribbean advanced 7.3% and 4%, respectively.

Monday's moves come as the number of new coronavirus cases continues to decline in the U.S. Since spiking to more than 64,000 cases earlier this month, the number of new daily infections in the U.S. has not topped 49,000, according to Johns Hopkins University. On Sunday, there were less than 37,000 new confirmed cases, the data showed.

On Sunday, the U.S. Food and Drug Administration issued an emergency use authorization of convalescent plasma for hospitalized Covid-19 patients, a treatment that uses blood plasma donated by people who've recovered from the virus.

President Donald Trump said at a news conference Sunday that the plasma treatment cuts the mortality rate by 35%