Medtech stocks helped the S&P 500 Index reach record highs today amid a bounceback from the lows of the COVID-19 pandemic.
Reuters reported that medtech played its part in the record turn of the market, with Abiomed (NSDQ:ABMD), Regeneron Pharmaceuticals (NSDQ:REGN) and West Pharmaceutical Services (NYSE:WST), all of which are involved in developing COVID-19 therapeutics, all rising more than 50% since the index’s previous record high before the pandemic in February.
The report attributed the S&P’s rise in part to the economic stimulus in response to the pandemic, as the index has risen more than 50% from its low on March 23 and is up nearly 5% for the year so far.
Currently, the S&P 500 is up 0.2% for the day at 3,389.78 points.
Medtech’s part in the S&P 500’s rise falls in line with the performance of MassDevice’s MedTech 100 Index, which includes stocks of the world’s largest medical device companies.
The Medtech 100 Index hit its highest point (90.5 points) since the start of the pandemic just this afternoon, as it registered a pre-pandemic high of 92.32. The index has been hovering around the 90-point mark for the past few weeks, having taken time to rebound from a low of 61.47 in late March. The index closed today at 90.4 points.