By Anneken Tappe, CNN Business

(CNN) -- Stocks rallied on Monday after the Trump administration approved a potential Covid-19 treatment. With Wall Street in the green, both the S&P 500 and the Nasdaq Composite could reach new all-time highs.

The US Food and Drug Administration on Sunday issued an emergency use authorization for convalescent plasma -- blood plasma taken from coronavirus survivors -- to treat the virus, saying the "known and potential benefits of the product outweigh the known and potential risks of the product."

Also boosting stocks, the Trump administration is reportedly considering fast-tracking an AstraZeneca Covid-19 vaccine prior to US election, according to the Financial Times. Although far from a certainty, investors were hopeful that a vaccine could come faster than many had expected. AstraZeneca's stock rose 3.6% in premarket trading.

After months of investors saying that only a vaccine or an effective treatment solution for the virus would help the economic recovery along, it's not surprising that the news of the plasma treatment is making waves.

Stocks pared some of their initial gains around midday on Monday, although all three main indexes continued to trade in the green.

The Dow was the biggest gainer, advancing around 1%, or 265 points, while the S&P 500 climbed 0.7%. The Nasdaq lagged behind, only up 0.3%.

Both the S&P 500 and the Nasdaq finished Friday at record levels, so any incremental increase during this session will push them to new all-time highs. The Dow, meanwhile, remains more than 5% below its February record level as of Friday's close.

Stock milestones notwithstanding, it's a busy week for Wall Street. Investors will be monitoring news from the annual central banker outing in Jackson Hole, Wyoming, where Federal Reserve Chairman Jerome Powell will speak Thursday morning. Unprecedented fiscal and monetary stimulus has helped the market wrap up the pandemic bear market in the shortest time span ever, and made investors ever more sensitive to Powell's words.