Stocks rebound, S&P 500 and Nasdaq set record highs
Stocks gained on Monday, rising to fresh record levels after last week’s volatility as investors looked ahead to a key event from the Federal Reserve later this week.
The S&P 500 advanced and reached a fresh all-time intraday high. The positive sentiment extended into other risk assets, and oil prices also rebounded following recent declines. U.S. West Texas intermediate crude oil futures (CL=F) topped $64 a barrel, and Brent crude (BZ=F) jumped above $67 per barrel after suffering its longest losing streak since early 2018 as of last week.
The Dow rose as shares of Chevron (CVX) and Caterpillar outperformed. Shares of Pfizer (PFE) jumped after the pharmaceutical company announced it will acquire the cancer drugmaker Trillium Therapeutics (TRIL) for $2.3 billion. Separately, the U.S. Food and Drug Administration fully approved Pfizer’s top-selling COVID-19 vaccine following months of…