Wall Street ended higher in a light volume rally as the FDA's full approval of a COVID-19 vaccine and the absence of negative catalysts kept risk appetite alive
All three major U.S. stock indexes advanced higher, with the S&P 500 and the Nasdaq closing at all-time closing highs.
Tech and tech-adjacent megacaps were once again doing the heavy lifting, but economically sensitive cyclicals and smallcaps"Investors are looking at the horizon at the big Jackson Hole meeting on the horizon," Detrick added, referring to the Federal Reserve’s annual economic symposium on Friday. "But for now the feel-good from yesterday’s vaccine news is still in the air."
"We have energy, retail, travel, leisure, financials, and small caps all doing well today," Detrick said. "And that’s a sign that the reopening is alive and well." A person waits on the Wall Street subway platform in the Financial District of Manhattan, New York City, U.S., August 20, 2021. REUTERS/Andrew Kelly
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