The benchmark index climbed 0.13% while the Dow Jones Industrial Average rose 210 points, or 0.61%.
Investors turned their focus to another wild surge in GameStop and a handful of other stocks favored by online investors.
The House Financial Services Committee is holding a hearing Thursday following January’s GameStop saga during which shares soared 1,600% before falling back to Earth.
Movie theater intends to sell millions more shares to survive pandemic
The Dow Jones Industrial Average traded above 30,000 points for the first time on Nov. 24 as investors were encouraged by the latest progress on developing coronavirus vaccines and news that the transition of power in the U.S. to President-elect Joe Biden will finally begin.
The Dow Jones Industrial Average surged 1,500 points, or 5.4%, in early trading Monday and the S&P 500 jumped 3.7% after drugmaker Pfizer said early data show its coronavirus vaccine looks highly effective.
Markets are banking on Tuesday's election leading to split control of Congress, which could mean low tax rates, lighter regulation on businesses and other policies that investors like remain the status quo.
The stock market had its worst day in a month as virus cases surge and help for the economy from Washington remains nowhere in sight.
U.S. equity futures plunged by more than 1.6%, or 500 Dow points after President Trump confirmed through a tweet that he and the first lady tested positive for coronavirus.
The Dow Jones Industrial Average was down 629 points, or 2.5%, at 24,975, as of 9:48 a.m. Eastern time, and the Nasdaq composite was down 1.5%. The losses were widespread, with 98% of the stocks in the S&P 500 lower
Stocks are falling sharply on Wall Street Thursday as coronavirus cases increase again, deflating recent optimism that the economy could recover quickly as lockdowns ease.
The report gives credence to the building optimism among stock investors that the economy can recover relatively quickly from its current hole.
U.S. equity markets fought for gains Tuesday after President Trump threatened to deploy the military to quell violence and looting in cities across America after the death of a black man in police custody in Minneapolis.
ISM Manufacturing rose to 43.1 in May.
U.S. equity markets curbed the bulk of their losses Friday after President Trump announced a new wave of crackdown efforts on China, but stopped short of instituting new sanctions or upending the trade deal between the two countries.
The Dow Jones Industrial Average fell 148 points, or 0.58 percent, while the S&P 500 slipped 0.21 percent.
It was the biggest quarterly decline in more than a decade, since an 8.4% fall in 2008 during the depths of the financial crisis.
U.S. equity markets were mixed Wednesday as U.S. states continued with their plans to reopen America.
U.S. equity markets surged to their best levels in months as states continued to reopen and as traders returned to the New York Stock Exchange for the first time since shutting down on March 23 to slow the spread of COVID-19.
U.S. equity markets slipped Friday but registered solid weekly gains as investors focused on the reopening of the American economy while also keeping tabs on Chinese President Xi JInping's efforts to tighten his grip over Hong Kong ahead of the Memorial Day weekend.