US STOCKS-S&P 500, Nasdaq set to hit new highs on COVID-19 treatment hopes

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* Apple extends rally, set to cross $500 per share
* Four-day Republican National Convention set to begin
* Futures up: Dow 0.98%, S&P 0.85%, Nasdaq 1.02%

(Adds comment, updates prices)
By Medha Singh
Aug 24 (Reuters) - The S&P 500 and Nasdaq were set to open
at record highs on Monday after the U.S. health regulator
approved the emergency use of blood plasma in COVID-19 patients
and on report the Trump administration may fast-track a vaccine
candidate.
The moves come ahead of the Republican National Convention,
where President Donald Trump will be nominated to lead his party
for four more years, kicking off the final sprint to Nov. 3
Election Day.
The U.S. Food and Drug Administration's decision to use
antibody-rich plasma from recovered patients was hailed by Trump
and came a day after he accused it of impeding the rollout of
treatments for political reasons. The World Health Organization, however, was cautious about
endorsing the treatment, citing "low quality" evidence that it
works. Further aiding sentiment was a report the Trump
administration is considering fast-tracking an experimental
COVID-19 vaccine being developed by AstraZeneca Plc AZN.L and
Oxford University for use in the United States before election.
"Everyone is focused on the same thing and that's
eradicating the virus, whether it's through treatment, but
preferably from vaccines," said Thomas Hayes, managing member at
Great Hill Capital LLC in New York.
"That is the key to unlocking the economy because all the
stimulus aid and liquidity is there. We just have to enable
people to get back to normalcy and the global economy can boom."
Heavyweight Apple Inc AAPL.O gained 3.4% premarket and was
set to cross $500 per share for the first time after becoming
the first public U.S. company to top $2 trillion in market value
last week.
The S&P 500 and Nasdaq closed at record levels on Friday,
wrapping up four weeks of gains on bets that technology focused
companies will emerge stronger from the pandemic and the economy
will return to growth on continued monetary and fiscal support.
The Dow, however, is still about 6% below its February peak.
Meanwhile, the next phase of coronavirus government aid
remained elusive as top Democrats and Republicans continued to
blame each other for stalled talks on the legislation.
A key event this week would be the address by Federal
Reserve Chair Jerome Powell at the Kansas City Fed Jackson Hole
symposium, where he will talk on the monetary policy framework
review.
At 8:20 a.m. ET, Dow e-minis 1YMcv1 were up 272 points, or
0.98%, S&P 500 e-minis EScv1 were up 29 points, or 0.85% and
Nasdaq 100 e-minis NQcv1 were up 117.5 points, or 1.02%.