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Dow Moves Higher as Positive Vaccine News Renews Bets on Reopening Trade

Jul 10, 2020 01:16PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – Wall Street surged on Friday as investors swooped in to buy stocks tied to the progress of the economy following positive reports about a potential Covid-19 vaccine in the wake of a record-surge U.S. Covid cases.

The S&P 500 rose 0.44%, while the Nasdaq Composite was flat and the Dow Jones Industrial Average added 0.77%.

Gilead Sciences (NASDAQ:GILD) released data on Friday showing its antiviral drug, remdesivir, cut the risk of death for severely sick coronavirus patients by 62% compared with standard care alone, sending its shares up more than 2%.

Biontech (NASDAQ:BNTX), up 6%, also delivered positive news in the race of a vaccine, with CEO Ugur Sahin reportedly claiming the company could have a treatment ready for approval by December, according to the Wall Street Journal.

The promising update on a vaccine helped ease investor jitters over the rapid spread of coronavirus, which infected a record 60,565 people in the U.S. on Thursday.

Energy and financials, both of which had been under pressure this week, jumped more than 2%, pushing the broader market higher.

The rise in financials was underpinned by a swing higher in bank stocks ahead of earnings next week.

Citigroup (NYSE:C), JPMorgan (NYSE:JPM), and Wells Fargo (NYSE:WFC), all of which are set to report their second-quarter results on Tuesday, were up more than 2%. 

Renewed action on the reopening trade - bullish bets on stocks tied to the progress of the economic reopening - also benefited airlines and cruise lines, with the latter benefiting from a surge in cruise operator Carnival (NYSE:CUK).

Carnival (NYSE:CCL) jumped 8.2% on Friday after the cruise operator said it was cutting capacity and indicated that demand for 2021 is growing.

Tech stocks, however, lagged the broader move higher, as investors appeared to lock in some profit in megacap tech stocks.

Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL) and Amazon.com (NASDAQ:AMZN), the so-called Fab 5, making up about 40% of the Nasdaq Index, were mostly in the red.

Dow Moves Higher as Positive Vaccine News Renews Bets on Reopening Trade
 

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Comments (45)
Hoa To
Hooo Jul 11, 2020 9:10PM ET
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If vaccine is ready by December, with current rate of more than 1 million positive cases/month in US, the US confirmed COVID case may exceed 10 million in before December.
bruce johnson
bruce johnson Jul 11, 2020 8:12PM ET
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Fun with IoT you cant lie to the people.
bruce johnson
bruce johnson Jul 11, 2020 8:09PM ET
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China said no thank you on REMDESIVIR
Supa Nova
Supa Nova Jul 11, 2020 6:22PM ET
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Nonsense. I csnt believe you all keep perpetuating this silly narrative. Its earnings next week. Its s run up to earnings. The COVID cases are spiking this isnt a re-opening spike. Banks would have jumped much much more. Industrials and Materials would have too. CCL jumped on news of more bookings. Banks jumoed on earnings.
Rosta Pilny
Raasta Jul 11, 2020 3:17AM ET
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Oh dear, again this fairy tale of vaccine. Ready for registration means completed phase 3 trials and evaluated side effects? Don't think so. Even if it were effective against Covid, vaccination of hundreds of millions people by rushed vaccine could be disaster it self
Dave Cregar
Dave Cregar Jul 11, 2020 12:30AM ET
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Market timing. The first lesson is the only lesson I learned and the lesson I know. 1. Media leads the market a1) buyback 2  Media follows the market b2) buybacks 3 North bound markets A1(USA#1 b2) intermissions c3) complication Or I as you wouldnt be here or on any other site for that matter
john smith
john smith Jul 11, 2020 12:30AM ET
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you sound like a piece of trash. English?
Di Did
Di Did Jul 10, 2020 9:24PM ET
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Nobody wants the fake vaccines.. Soros, Fauci, Bill Gates, and Oprah wanted to slim down the population so it was under their control.
Musical Critic
Musical Critic Jul 10, 2020 8:58PM ET
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The day the vaccine is confirmed, it will be doomsday for the market. Coz it would tbe a crystal clear indication of the END OF FED HANDHOLDING. The Fed will then realize it's blunder.
Maycon Klann
Maycon Klann Jul 10, 2020 6:27PM ET
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We've already had dozens of news like this. Every time the market goes up. Powell says in one day that FED will do everything to keep the economy and market goes up, the next day he says the SAME THING and market goes up again and so on. This market is going up for basically 2 months with the SAME NEWS over and over, and basically just news, nothing concrete. There's no economy, no reality, just speculation. The market cannot predict anything, an ocean of uncertainty ahead, and it if could predict something it wouldn't be a recovery.
Fraser Colegrave
Fraser Colegrave Jul 10, 2020 6:27PM ET
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Exactly right
Vishal Gaikwad
Vishal Gaikwad Jul 10, 2020 6:27PM ET
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Market was never ever certain and predictable, if it would have been accurately predictable there would be upper and lower circuits everyday. it's all work on greed and fear mentality
Keith Messmer
Keith Messmer Jul 10, 2020 4:49PM ET
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so your buying up bio tech with no idea what the long term ramifications of the vaccine will be because we have short cutted testing. what happens if in the long term adverse side effects occur. when do we start discussing ending these riots and rebuilding . i dont know what universe these writers are in
Plamen Yankov
Plamen Yankov Jul 10, 2020 4:49PM ET
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that happened maybe 4 times already with the same drug...
The Big Fish
The Big Fish Jul 10, 2020 4:33PM ET
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The Covid crash was the bear trap. the bubble has just begun inflating. There is no greed yet. Just a bunch of bored individuals trading. There is right now a strong bearish sentiment. Bubbles burst when there are no Bears left.
Samir Rabhi
Samir Rabhi Jul 10, 2020 4:08PM ET
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One more lie by trump administration.
The Big Fish
The Big Fish Jul 10, 2020 4:08PM ET
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There is an euphoria/mania phase until late 2021. We are in the media attention phase. Wait for enthusiasm, greed, delusion and new paradigm phases - late 2021...
eddie glass
eddie glass Jul 10, 2020 4:07PM ET
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millions more people are projected to suffer and die from the secondary effects from lockdowns than from covid, including missed medical care and economic implications on health/healthcare due to the global recessions
eddie glass
eddie glass Jul 10, 2020 4:07PM ET
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things like routine cancer screenings, preventative care, tuberculosis detection and treatments in other countries were cancelled because of a virus that we now know has a lower mortality rate than the common flu for most people
Dump Trump
Dump Trump Jul 10, 2020 4:07PM ET
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Hopefully, it’s a million and one (not mentioning any names).
john smith
john smith Jul 10, 2020 4:07PM ET
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Dump Trump I hope it's you
James Holmgren
James Holmgren Jul 10, 2020 4:07PM ET
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Pump and Dump Happy talk
eddie glass
eddie glass Jul 10, 2020 4:01PM ET
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there are much more de.a.dly things out there than COVID-1984, this pandem.ic is more theatrics than substance. even the common flu. is more de.adly for the vast majority of the population.
eddie glass
eddie glass Jul 10, 2020 3:58PM ET
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more COVID-1984 fearmongering and hype for the sheep. nobody cares about a $2000/dose vaccine that is under 50% effective for something that is asymptomatic in 99% of people and will die out soon due to herd immunity anyway... nobody except the drug companies who are looking to make a fortune of it. the market is up because the fed keeps printing trillions
peter neal
peter neal Jul 10, 2020 3:58PM ET
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Biden and Democratic sweep will offset anything the Fed does.
eddie glass
eddie glass Jul 10, 2020 3:58PM ET
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peter neal demented biden will get destroyed at the debates. if biden were to win, expect the economy to collapse.
eddie glass
eddie glass Jul 10, 2020 3:58PM ET
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peter neal  demented biden will get destroyed at the debates. if biden were to win, expect the economy to collapse.
Mike Hobbins
Mike Hobbins Jul 10, 2020 3:58PM ET
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eddie glass  It would be the Best thing that could ever happen to the Economy!  The Last four years we have Not a SINGLE trade deal. (I'm talking one that's Actually been Implemented, not Just talked about!) Not ONE! biden is not the greatest, but at least he could be a better negotiator...Unlike do-Nothing trump draft dodger
Lucke Black
Lucke Black Jul 10, 2020 3:42PM ET
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Just question. Who cares about s vaccine? Dead rate of infected people is 0,04%
Picaso Fish
Picaso_Fish Jul 10, 2020 3:42PM ET
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Jose Alvarez
Jose Alvarez Jul 10, 2020 3:42PM ET
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.04%? Where did you get this imaginary number from?
neang aee 냥에
neang aee 냥에 Jul 10, 2020 3:38PM ET
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Be prepared for Black Monday...
Hajdu Krisztián
Hajdu Krisztián Jul 10, 2020 3:38PM ET
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black mind...
Wong Zi Chuang
Wong Zi Chuang Jul 10, 2020 3:29PM ET
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wear the mask, social distancing, sanitize hand, is not rocket science, be responsible to your household family and friends
Picaso Fish
Picaso_Fish Jul 10, 2020 3:29PM ET
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Yeah, that's clearly why the usa is leading the world on the Covid issue. Go AmeriKA!!
Midway Eholdings
Midway Eholdings Jul 10, 2020 3:24PM ET
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Bears keep stepping in same trap over and over again. Help daddy!
Con Tran
Con Tran Jul 10, 2020 3:01PM ET
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they keep saying the same thing for months now. The US economy will take years if not decades to recover.
Kenny Venezia
Kenny Venezia Jul 10, 2020 2:41PM ET
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lol! This is a drug that's been around and talked about since the pandemic began. So it helps people NEAR DEATH. How's that much of anything regarding opening up an economy where the virus is spreading like wildfire. Ya, this smells of a FRIDAY release of propaganda to manipulate market HOPES. You Hope's, that IPO that keeps giving in the face of complete financial meltdown. Let's see if this sells off by the end of the day. If not, it will come Monday. What a complete comedy show.
Con Tran
Con Tran Jul 10, 2020 2:41PM ET
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Amen to that.
Fraser Colegrave
Fraser Colegrave Jul 10, 2020 2:41PM ET
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Preach kenny!
In Sight
Insight Jul 10, 2020 2:24PM ET
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Vaccine or not, latest reports indicate that people who got infected and produced antobodies, antibody concentration declined very fast. Sure the vaccine induces eventually an even bigger antibodi count, and yet it is not clear how long averagely you will be immun. Spawns of 6-18 months could be realistic. Thus you would have to get another shot (remember that vaccine supplies are limited, you wouldnt be able to just give two shots to everyone). At worst it could happen that if you start giving shots by stages over a long time period, that during the long process of giving shots, the first candidates lost their immunity again. And then we are in the same mess again...
gay bear
gay bear Jul 10, 2020 2:24PM ET
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Then it means end of mankind then.
Captain USD
Captain USD Jul 10, 2020 2:24PM ET
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Still with this ignorance. Depressing. The body no longer needs antibodies if it has defeated the virus. This results in a drop in antibodies. Do you think that all the antibodies of all the viruses that your body has encountered circulate continuously in your body? The body only needs to know how to create them when the virus returns.
alex gallegos
alex gallegos Jul 10, 2020 2:24PM ET
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No, mankind will survive this is just an inconvenience.
Fab De
Fab___De Jul 10, 2020 2:24PM ET
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IF there is a vaccine that will be available in 2021 at soonest. Until then people would not be careful anymore at all and the virus would spread out even quicker... Not good for the economy
 
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