US STOCKS-Wall Street rides bull market momentum, S&P, Nasdaq on course for new highs

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* Apple crosses $500 per share
* Republican National Convention begins
* Energy, financials, materials sectors lead gains
* Indexes up: Dow 0.94%, S&P 0.70%, Nasdaq 0.46%

(Updates to late afternoon, changes dateline, byline)
By Stephen Culp
NEW YORK, Aug 24 (Reuters) - Wall Street gained on Monday,
setting the S&P 500 and the Nasdaq on track for record closing
highs as optimism over potential medical advances in the war
against the coronavirus pandemic helped keep investors in a
buying mood.
The benchmark S&P 500 reclaimed its February closing high
last week, confirming a bull market and the fastest recovery
from a bear market trough on record. The blue-chip Dow, while leading Monday's gains, remains
nearly 5% off its all time high, and down just over 1%
year-to-date. The Nasdaq and the S&P have gained over 26% and
nearly 6%, respectively, since the final closing bell of 2019.
"There was no news over the weekend following last week's
(bull market) confirmation to cause a shift in thinking," said
Oliver Pursche, president of Bronson Meadows Capital Management
in Fairfield, Connecticut.
"As economies reopen, businesses are still keeping employees
at home, which gives the 'stay-at-home' trade more legs,"
Pursche added.
Markets worldwide were given a boost by new developments in
the global race to battle the coronavirus, including an
announcement from the Food and Drug Administration that it had
given emergency authorization for the use of plasma from
recovered patients as a treatment option.
However, the World Health Organization expressed skepticism
about the treatment due to "low quality" data. The Trump administration is considering fast-tracking an
experimental COVID-19 vaccine being developed by AstraZeneca Plc
AZN.L and Oxford University in hopes it could be deployed in
the United States before Americans head to the polls in
November. "Trump's team has been very vocal about getting a vaccine
before the election," Pursche said.
The four-day Republican national convention gets under way
on Monday, with the party nominating President Donald Trump for
a second term and making the case for his re-election.
On Capitol Hill, partisan wrangling over stalled coronavirus
aid talks continued, and congressional Democrats and Republicans
remain at loggerheads over funding levels and unemployment
benefits. Market participants will pay close attention to U.S. Federal
Reserve Chairman Jerome Powell's remarks on monetary policy at
this week's Kansas City Fed Jackson Hole symposium, which is
being held this year in a virtual format.
The Dow Jones Industrial Average .DJI rose 261.58 points,
or 0.94%, to 28,191.91, the S&P 500 .SPX gained 23.68 points,
or 0.70%, to 3,420.84 and the Nasdaq Composite .IXIC added
52.48 points, or 0.46%, to 11,364.28.
Of the 11 major sectors in the S&P 500, all but healthcare
.SPXHC and real estate .SPLRCR were in positive territory.
Energy .SPNY , financials .SPSY and materials .SPLRCM
enjoyed the largest percentage gains.
Ahead of its 4-to-1 share split on Friday, Apple Inc
AAPL.O provided the biggest boost the major indexes, its stock
price crossing over $500 days after becoming the first public
U.S. company to top $2 trillion in market value. The stock was
last up 1.7%.
Advancing issues outnumbered declining ones on the NYSE by a
2.42-to-1 ratio; on Nasdaq, a 1.16-to-1 ratio favored advancers.
The S&P 500 posted 45 new 52-week highs and no new lows; the
Nasdaq Composite recorded 80 new highs and 34 new lows.