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Wall Street ends higher on vaccine bets, Goldman results

Published 07/15/2020, 07:02 AM
Updated 07/15/2020, 04:10 PM
© Reuters. The spread of the coronavirus disease (COVID-19) in New York

By Noel Randewich

(Reuters) - U.S. stocks ended higher on Wednesday, following promising early data for a potential COVID-19 vaccine and a strong quarterly report from Goldman Sachs (NYSE:GS).

Moderna Inc (O:MRNA) rallied after a small-scale study showed its experimental COVID-19 vaccine produced high levels of virus-killing antibodies.

Travel-related stocks Carnival (NYSE:CUK) Corp, Royal Caribbean (NYSE:RCL) Cruises Ltd, Marriott International (NASDAQ:MAR) and Wynn Resorts (O:WYNN) surged, as did the S&P 1500 airlines index.

The S&P 500 beat the technology-heavy Nasdaq Composite for a fourth straight session, a feat scored only twice since Wall Street launched its massive recovery last March.

Gains for the Nasdaq were capped by online retail giant Amazon.com Inc (NASDAQ:AMZN), video streaming platform Netflix Inc (NASDAQ:NFLX) and Microsoft Corp (NASDAQ:MSFT), which slipped after surging to record highs recently.

"The Moderna news woke everybody up again that this is not going to last forever, and there is light at the end of the tunnel. That is why you are seeing such a strong move today into those economically sensitive stocks," said Tim Ghriskey, Chief Investment Strategist Inverness Counsel in New York.

Adding to investors' enthusiasm, the Federal Reserve's Beige Book survey showed U.S. businesses saw an uptick in activity into the beginning of July as states eased restrictions to contain the novel coronavirus pandemic.

A raft of stimulus measures and encouraging economic data have lifted the S&P 500 to about 5% below its record high hit in February.

However, the United States has failed to control the coronavirus and there is a high level of uncertainty over how much the pandemic will affect the economy, Philadelphia Federal Reserve Bank President Patrick Harker said, as a number of U.S. sunbelt states reported a surge in COVID-19 cases recently.

Unofficially, the Dow Jones Industrial Average rose 228.47 points, or 0.86%, to 26,871.06, the S&P 500 gained 29.1 points, or 0.91%, to 3,226.62 and the Nasdaq Composite added 61.92 points, or 0.59%, to 10,550.49.

Goldman Sachs rose after it said its trading revenue doubled in the second quarter, driven by big swings in stock and bond markets since March.

Morgan Stanley (NYSE:MS) and Bank of America (NYSE:BAC) gained ahead of their results on Thursday. The broader banking index also climbed.

© Reuters. The spread of the coronavirus disease (COVID-19) in New York

UnitedHealth Group Inc (NYSE:UNH) fell after warning of rising costs later this year as Americans catch up on less urgent surgeries halted by the coronavirus pandemic.

Latest comments

are they showing this Covid vaccine news on news channels as well? I'm in UAE so I don't know.
I guess covid is under control in US, as no news about numbers anymore.
The censorship on these boards is unbelievable.
No it was started by a German named Thomas Reuter and is based in London. It's editor in chief is a Harvard Democrat.
 Anti-Semite much?
again green again vaccine hope...shut up you fake reporter
It should be "wall street up on vaccine hoax"
less than a .20% death rate globally. you have a higher chance of winning the lotto 3 times in a row then you do dying to covid
Your narrative is wrong and old.
Plus the point is the economic damage done by covid not how many it kills and obviously no one wants covid whether they die or not so people stay home, thus hampering economic activity but not stock market activity coz the same people screwing over the economy are in fact driving the stock market higher ( retail traders). Like lol
585,000 deaths divided by 13,650,000 cases equals 4.2%. please explain .2?
No need for vaccine. All Us people will be infected before you can imagine, but just 10% of us will die. Or max 30 millions!
who are you jesus?
“Just”?
LOL!!!
Make Goldman Great Again with FED and Taxes :)
virus fear coming soon xD
when vaccine apears, everybody will have immunity. Vaccine is needed yesterday
LOL Bears!! You never learn so you will die broke. Wake up!! This market told you in April it was going to rally! It should have tanked like 08 but it did not. Hence it could only rally. Learn or get out of trading!!
it's about real economy this time, in 2008 it was financial games. Absurd cant last forever.
You don’t seem to understand. Volatility not direction makes shorting a success. Profit taking is highly predictable if you know what your looking for.In and out $$$$$$
why is everyone being a debby downer?? the life blood of the world is commerce. you stop the machine with virus fears then people "starve" on 6 hour food lines, people lose their jobs and cant pay their jumbo mortgages, all the cars in a 3 car garage will be repo'd, little children will not be able to buy wrapped toys to find the surprise inside and then get disinterested 5 minutes later, and adults wont have money to pay netflix to binge and chill
as a people, as a culture of consumers we need the beast fed. stop starving this economy!!! viva la Dow 50,000!!!
New economy. Let's put money in worthless papers and become rich. Who should work at all when making money from the air
You're absolutely right. I have come to the conclusion that the government doesn't need my tax dollars.
Tax strike 2020
Rise is phony.  Market must go down, that is the only CORRECT thing!
Why would u swim against the current? The current will change; It will go down. It is when? Meanwhile people go against it, lost money n energy. If u have lots of energy n money to waste, go ahead.
This is groundhog day! Another vaccine headline, the real economy must be in terrible shape so markets must be propped up again and again and...
I wonder how the normal American feel? Rob?
The normal American feel great!
Hey Sun, in my world my income has been cut by 50%. Let's party!!
I’ve been unemployed for four months and lost my life savings. Most of my friends in California will be homeless in a month if the extra $600 unemployment isn’t extended. This country is a joke and I’m leaving it.
Everything it's so manipulated. .... Staged.. For them it's the distribution time
"Stock futures climb on vaccine hopes". Yada Yada Yada. How many times they will say that when stocks go up it is because of the "vaccine hopes"?
"vaccine hopes" is Wednesday & Friday.
Can die 90% of US people but index will go up always!!!
they know the game well now
Its been months can we just statt titling these “stock futures gain eventhough half America unemployed because of $11trillion from the government
an immune response is automatic when injected with a virus. im no scientist but a vacine is easy to make but extremely difficult to perfect.
by perfect i should have said market ready for human distribution.
You're right. Definitely not a scientist. Vaccines are Not easy to make. Have you seen an aids vaccine yet? They don't even have a vaccine for the common cold.
US Official Recovery Numbers - People up to 49yo have a 99.5%-99.95% recovery rate. Older people (42.4% of cases) have a 88.57%. https://childrenshealthdefense.org/news/covid-19have-you-heard-there-is-good-news/
and that's acceptable to you right?... what a shame, zero decency about human life... 3rd world country
>> cant save everyone ... especially from themselves. people will smoke drink eat decadent food network foods (look how butter they use!! like a heart attack time bomb, but give them a Michelin star!!)
Just fed stimulus. There will be no vaccine... just constant hope of one.
Go ahead to find more excuses to go up.
“Markets up on blatant financial corruption & insider trading”
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