Moderna and Robinhood Surge... S&P 500 Hits Another Record High

[Asia Economy New York=Correspondent Baek Jong-min] Major indices on the New York Stock Exchange closed higher. The S&P 500 index once again hit an all-time high.

On the 3rd (local time), the Dow Jones Industrial Average rose 278.24 points (0.80%) from the previous close to 35,116.40, the S&P 500 index increased by 35.99 points (0.82%) to 4,423.15, and the Nasdaq index gained 80.23 points (0.55%) to close at 14,761.29.

[Image source=Reuters Yonhap News]

Moderna, a COVID-19 vaccine manufacturer, surged 11%. Moderna's rise is attributed to the U.S. Food and Drug Administration (FDA) granting fast track designation for its respiratory syncytial virus (RSV) 'messenger ribonucleic acid (mRNA)-1345' vaccine targeting adults aged 60 and over.

Robinhood, a stock trading app that had shown a sluggish trend since its listing last week, soared 24% in a single day, restoring its reputation.

This is believed to be because individual investors aggressively chased Robinhood shares after news spread that Cathie Wood's Ark Asset Management, known as the 'Money Tree Sister,' had purchased Robinhood stock.

Robinhood's stock price closed at $46.8, surpassing its initial public offering price of $38.

Sports apparel company Under Armour's stock rose more than 7% after its quarterly earnings turned profitable and it raised its earnings outlook.

Ralph Lauren's stock also climbed more than 6% as its quarterly net income and sales exceeded analysts' expectations.

Clorox, which had benefited from increased demand for disinfectants due to the COVID-19 pandemic, fell 9% after issuing a sales decline warning.

Alibaba met expectations for its second-quarter earnings but closed down 1%.