March 1 (UPI) — U.S. markets climbed broadly on Monday amid optimism surrounding the approval of Johnson & Johnson’s COVID-19 vaccine.
The Dow Jones Industrial Average increased 603.14 points, or 1.95%, while the S&P 500 gained 2.38% and the Nasdaq Composite ended the day up 3.01%.
Johnson & Johnson stock gained 0.66% on Monday after it received emergency use authorization from the Food and Drug Administration on Friday and the Center for Disease Control and Prevention’s Advisory Committee on Immunization Practices panel recommended it for use for people aged 18 and older.
The vaccine development however led to growth throughout the broader market as investors poured into stocks that would benefit from the widespread lifting of restrictions related to the COVID-19 pandemic.
Boeing stock gained 5.84% and American Airlines stock grew 1.15% behind the positive vaccine news.
Major tech stocks also stabilized as Tesla stock increased 6.36% and Apple gained 5.39%.
All 11 sectors of the S&P 500 also ended Monday with gains as only 38 stocks in the index reported losses.
Monday also saw the 10-year U.S. Treasury bond’s yield fall as low as 1.4% after rising to its highest level last week and outpacing the S&P 500’s dividend yield.
The Dow fell 1.7% and the S&P 500 dropped 2.5% respectively last week amid concerns over inflation as the yield spiked.
Ultimately, the Dow gained 3.2% for the month of February, while the S&P 500 increased 2.6% and the Nasdaq rose 1%.