Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Dow Notches 4-Day Winning Streak on Positive Vaccine News

Stock MarketsJul 15, 2020 04:07PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Yasin Ebrahim

Investing.com – The Dow notched its fourth-straight daily gain on Wednesday as positive vaccine news and earnings from banks boosted investor sentiment.

The Dow Jones Industrial Average rose 0.85%, or 227 points, the S&P 500 gained 0.93%, while the Nasdaq Composite added 0.59%.

Drugmaker Moderna (NASDAQ:MRNA) jumped 6.9% after reporting that its coronavirus vaccine candidate, mRNA-127, produced antibodies in patients aged 18 to 55, suggesting the treatment could protect against infection by the virus.

Some on Wall Street, however, said it was too early to draw a conclusion from the early-stage clinical data.

"Many open questions obviously remain, including on immune response durability, and what the profile might look like in older adults, but we believe the data represent a good start," Chardan analysts said in a note.

Covid-19 cases meanwhile continued to mount, led by virus hotspots across the U.S. including California, Arizona, Florida and Texas.

 
California reported 11,000 new cases for Tuesday, up from about 7,000 a day earlier, with infections totaling 3.48 million nationwide. 
 
Still, the positive update on a vaccine helped boosted the reopening trade - bullish bets on stocks tied to the progress of the economic reopening – supporting shares of travel and tourism companies.

American Airlines (NASDAQ:AAL) jumped 16%, Marriott International (NASDAQ:MAR) added 7.9%, Wynn Resorts (NASDAQ:WYNN) was up 9.3%, and Carnival (NYSE:CCL) surged 16%.

Financials, meanwhile, eased from session highs as Goldman Sachs pared some gains following a blowout quarterly report.

Goldman Sachs Group (NYSE:GS) rose 1.3% after reporting second-quarter earnings of $6.26, above consensus estimates of $3.90, led by strong performance in its trading division.

US Bancorp (NYSE:USB) also beat forecasts to rise 3.7%, while PNC Financial Services Group (NYSE:PNC) was up 2.8% despite swinging to an unexpected loss. 

In tech, FAANG stocks traded mix as the intraday bid in megacap tech faded.

Apple (NASDAQ:AAPL) gave up some gains after rising more than 2% following an upgrade from Needham and reports that the tech giant had won a legal dispute over a $14.8 billion tax battle with the European Union.

Needham upgraded its rating on the stock to $450 from $350, citing the value of its ecosystem.

Energy continued its strong start to the week boosted by rising oil prices as data showing a larger-than-expected draw U.S. crude supplies offset worries over waning demand amid reports that some major oil producing nations are set to rein in production cuts.

Elsewhere, Beyond Meat (NASDAQ:BYND) climbed 3% after the plant-based food company announced an expansion into Brazil.  

Dow Notches 4-Day Winning Streak on Positive Vaccine News
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (19)
Jack Epstein
Jack Epstein Jul 16, 2020 3:32PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
23 hours since last update!! has nothing happened?
Chris Sundo
Chris Sundo Jul 15, 2020 10:46PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Ask the ppl at MRNA and they'll tell you that you're hyping things and looking through rosy colored glasses, just to get another bonus for the brokers, or to get a higher high to short down from for a win-win quicky buck, a quick up and then short sell from a higher high for a quick down.
Jeremy Williams
Jeremy Williams Jul 15, 2020 8:58PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Sorry but no chance im taking a rushed vaccine. You guys knock yourself out.
Leroy Smith
Leroy Smith Jul 15, 2020 8:58PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I AM LEGEND, great movie! That's all I have to say about that!
Enoch Pereira
Enoch Pereira Jul 15, 2020 8:13PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The title should be “Positive Vaccine News has been used 4 days to explain the Dow Wining Streak and we are running out of explanations”
Jozef Drozd
Jozef Drozd Jul 15, 2020 7:32PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Has the covid19 virus bee isolated and replicated ? How do they know what antibodies they are and if they are specific for covid19 ?
Tricky Dick
TrickyDick Jul 15, 2020 7:29PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Its probably Elizabeth Holmes thats heading up Moderna
Jeff Becker
Jeff Becker Jul 15, 2020 7:08PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
This positive vaccine has a long ways to go as insider trading takes place for a second time at Moderna shortly after an announcement.
Bennett Wayne
Bennett Wayne Jul 15, 2020 6:41PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Democrats do not want a cure for COVID 19 until after November 3, truth be known. After that they hope Biden wins and Biden did it,
Jeff Becker
Jeff Becker Jul 15, 2020 6:41PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Not to worry. Trump will instruct the FDA to anounce something, anything in late October.
Samir Pa
SamirFNO Jul 15, 2020 6:07PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
130+ companies are working on the covid-19 drugs. does it mean every week a new vaccine story will take dow to 500+ for 50 days if 50% company tastes success....
Tabi Chu
Tabi Chu Jul 15, 2020 6:07PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Yes that would be appreciated
Miguel Garcia
Miguel Garcia Jul 15, 2020 6:07PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Yes. That is all they need to do and all will be good. Everybody happy!!!
Wayne Ng
Wayne Ng Jul 15, 2020 4:53PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Poor Americans are always hypnotized as in the vaccine
Aeron Geronimo
Aeron Geronimo Jul 15, 2020 4:53PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
poor Chinese, always hypnotized by its own government and virus
Ryan Droege
Ryan Droege Jul 15, 2020 4:53PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Yep, once it hits mainstream news that antibodies aren't hanging around longer than 12 weeks, maybe sentiment will cool a bit. Seems impractical to distribute 330,000,000 vaccines every 3 months to Americans.
DKKT TKKD
DKKT TKKD Jul 15, 2020 4:45PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
How much they paid for you to create fake news about that only to pump the stock market?
Nison Kay
Nison Kay Jul 15, 2020 4:45PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
which one?
DKKT TKKD
DKKT TKKD Jul 15, 2020 4:45PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Nison Kay  hahaha...
Aeron Geronimo
Aeron Geronimo Jul 15, 2020 4:45PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Are u mad because you're a broke shorter? or your tech analysis did not tell you so?
Bennett Wayne
Bennett Wayne Jul 15, 2020 4:45PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Democrats don't want a cure until after the election, truth be known.
Sun Moon
Sun Moon Jul 15, 2020 4:38PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
No, the market should be going down, this is incorrect!
Chris Kinsella
Chris Kinsella Jul 15, 2020 4:37PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I am so tired of seeing the same traders in these pics...to bad there are hardly any traders on the floor anymore.
Jawad Khan
Jawad Khan Jul 15, 2020 4:30PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
do you think investing on Vaccines is good move?
MrZERK Félix
MrZERK Félix Jul 15, 2020 4:30PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I've made more than 2000$ on vaccine stocks, I think it is a great pick. Although I am a pharmacist and I do have a strong scientific background that helps me back my trades
Eric Muller
Eric Muller Jul 15, 2020 4:28PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Hello
Lakshmana Reddy
Lakshmana Reddy Jul 15, 2020 4:27PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Thats already yesterday news🤔
Eric Hudnall
Eric Hudnall Jul 15, 2020 4:21PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I'm shorting Moderna.
Radegast is King
Radegast is King Jul 15, 2020 4:21PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Me too
James Marshall
James Marshall Jul 15, 2020 4:17PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Fact: the flu is more deadly than COVID
Mantosh Ghosh
Mantosh Ghosh Jul 15, 2020 4:16PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
these all news are spreded to boost market,,,,
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email