Travel and leisure stocks jumped in tandem on the vaccine news, with Delta Air Lines rising 2.8% and American Airlines climbing 3.3%. Carnival gained 3.9%, and Norwegian Cruise Lines added 4.2%.
“Amid another record high last Monday it’s remarkable that we’re looking to start the week yet again on the upside,” said E-Trade Financial's Chris Larkin. “The gains last week couldn’t make up for the losses following the Fed confirming its intentions to taper its purchasing program."
Traders are eagerly awaiting the central bank's annual Jackson Hole, Wyo. symposium for clues on the Fed’s timeline for dialing back its $120 billion a month bond-buying program. The event, originally scheduled as an in-person gathering, will now take place virtually on Thursday and Friday for the second year in a row.
