S&P 500 finishes above 3,400 as coronavirus treatment hopes boost stocks

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Stocks finished modestly higher on Monday but nonetheless lifted major U.S. equity benchmarks to new records as investors were buoyed by the Food and Drug Administration’s decision to approve a coronavirus treatment for emergency use. The S&P 500 rose 34 points, or 1%, to end around 3,431, based on preliminary numbers. The Nasdaq Composite closed 68 points, or 0.6%, higher to finish near 11,380. The Dow Jones Industrial Average advanced 378 points, or 1.4%, to finish around 28,309. Also, shares of AstraZeneca rose nearly 2%, boosted by the report that U.S. regulators are considering fast-tracking the drug manufacturer’s coronavirus vaccine candidate. The drugmaker, however, later said it had not talked to the Trump administration.
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