Wall Street Update: S&P 500, Nasdaq hit record highs on recovery optimism

Energy, travel shares rise on improving demand hopes; Best Buy gains on raising full-year sales forecast

The S&P 500 and Nasdaq hit record highs on Tuesday, boosted by oil and  , after a full U.S. approval of a COVID-19 vaccine raised hopes of a quicker economic recovery.

Seven of the 11 major S&P sectors advanced in early trading, with energy, industrial and financial stocks building on Monday’s gains after the U.S. FDA fully approved Pfizer’s COVID-19 vaccine.

Cruise operators including Carnival Corp rose more than 3%, while casino companies MGM Resorts and Wynn Resorts added between 2.9% and 4.7% on hopes that the approval would increase U.S. vaccination rates and spark a stronger rebound in travel and leisure.

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