S&P 500, Nasdaq hit record highs on earnings, vaccine news

The S&P 500 and Nasdaq 100 gained as US retailers reported robust consumer demand, while the price of oil rallied above $67 a barrel.

U.S. equities rose to record highs as strong corporate earnings and a rally in commodity prices outweighed lingering concerns about the threat of Covid-19 to the global economy. The S&P 500 and Nasdaq 100 gained as Best Buy Co. became the latest U.S. retailer to report robust consumer demand while the price of oil and iron ore similarly gained on improving sentiment. Energy, consumer discretionary and materials stocks were among the best performers as investors also awaited insights from Federal Reserve Chairman Jerome Powell’s address from Jackson Hole this week.