U.S. shares advanced on Monday, with gains partly from healthcare stocks as investors sought securities which have diminished in value and are resistant from measures aimed at slowing coronavirus contagion.
The S&P healthcare sector .SPXHC clocked in a total of 4.67% gains. The upbeat mood was partly attributed from Johnson & Johnson (JNJ.N) and Abbot Laboratories’ (ABT.N) well-ended session.
The JNJ.N index jumped up to 8.00% as the government promised to allocate funds for the development of the coronavirus vaccine. Abbot Laboratories (ABT.N) raked in 6.41% earnings after acquiring U.S. license to conduct diagnostic test for the novel coronavirus.
The technology sector .SPLRCT also went up by 4%. The positive performance of technology-related stocks was supported by Microsoft’s (MSFT.O) 7% gains.