“The positive coverage on potential COVID-19 vaccines and treatments opens the door wide open to a rotating carousel of stocks,” said Stephen Innes, chief global markets strategist at AxiCorp.
If symptoms of the infection could become as mild as a cough or runny nose during the flu, the economy could return to normal, he added.
Japan’s benchmark Nikkei 225 index rose 1.7% to 23,378.47. South Korea’s Kospi gained 1.5% to 2,364.25. Australia’s S&P/ASX 200 added 0.5% to 6,159.60. Hong Kong’s Hang Seng edged down 0.2% to 25,498.77, while the Shanghai Composite was up 0.2% at 3,392.49.
Economic-Policy Symposium will be Held Online This Year
Investors are also waiting for U.S. speech Jerome Powell, chair of the Federal Reserve later this week, would normally give in at Jackson Hole, Wyoming. Instead of the pandemic, the economic-policy symposium this year will be online.
At the annual Jackson Hole event, where Fed officials sometimes generate market-moving headlines, investors closely follow the speeches. Navigating the Decade Ahead: Implications for Monetary Policy is the title of this year’s case.
While signs that the rise in COVID-19 cases worldwide may gradually slow down are cause for optimism, concerns about recurring waves remain.
On Wall Street, the S&P 500 rallied 1% to 3,431.28 and added to the all-time high it set last week. The Dow Jones Industrial Average rose 1.4% to 28,308.46, and the Nasdaq composite added 0.6% to 11,379.72.
Benchmark U.S. crude oil on the New York Mercantile Exchange dropped 5 cents to $42.57 a barrel in electronic trading. It rose 28 cents per barrel Monday to $42.62. Brent crude gained 11 cents to $45.24 a barrel, the international standard.
The dollar has inched from 105.82 yen to 105.90 Japanese yen. The euro was down $1,1805, from $1,1817.