The health of the stock market has shocked millions of Americans, especially those who've felt the economic brunt of the COVID-19 pandemic personally. Yet the ability of the market to keep climbing showed no signs of letting up on Monday morning. Investors continued to gravitate to the stocks that have been strongest during the first half of 2020, lifting overall markets significantly. Just after 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 406 points to 26,481. The S&P 500 (SNPINDEX: ^GSPC) gained 42 points to 3,227, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) picked up 190 points to 10,808.
The mood among investors has been unrelentingly positive, and today's news of continued progress from the pharmaceutical sector in searching for a potential treatment for COVID-19 did its share to contribute to improved sentiment. Yet it was the electric vehicle market that once again drew a lot of attention from the overall market. Tesla (NASDAQ: TSLA) soared to new record heights yet again, while shares of special purpose acquisition company Spartan Energy Acquisition (NYSE: SPAQ) climbed on news that it has found a merger candidate in the EV industry.
Tesla Model Y. Image source: Tesla.