FOX Business


U.S. equity markets rallied Friday after a study found an experimental treatment reduced death in COVID-19 patients.

 

Stocks battle higher as coronavirus treatment shows promise- oil and gas 360

Source: Fox Business

The Dow Jones Industrial Average rose as many as 201 points, or 0.78 percent, while the S&P 500 added 0.38 percent. Meanwhile, the Nasdaq Composite seesawed between losses and gains after booking its 26th record-high close of the year on Thursday.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 25909.17 +203.08 +0.79%
SP500 S&P 500 3167.44 +15.39 +0.49%
I:COMP NASDAQ COMPOSITE INDEX 10554.863617 +7.11 +0.07%

 

In healthcare stocks, a Phase 3 study found Gilead Sciences Inc.’s experimental treatment remdesivir was associated with a 62 percent reduction in the risk of death in COVID-19 patients.

On the same front, BioNTech CEO Dr. Ugur Sahin told The Wall Street Journal his company’s experimental COVID-19 vaccine, being developed with Pfizer Inc., will be ready for regulatory approval by the end of the year.

Ticker Security Last Change Change %
GILD GILEAD SCIENCES INC. 76.38 +1.67 +2.24%
BNTX BIONTECH 69.91 +4.30 +6.55%
PFE PFIZER INC. 33.64 +0.18 +0.53%

 

Meanwhile, tech giants Apple Inc., Amazon.com Inc., Microsoft Corp. and Netflix Inc. were looking to add to Thursday’s record highs.

Ticker Security Last Change Change %
AAPL APPLE INC. 381.39 -1.34 -0.35%
AMZN AMAZON.COM INC. 3,182.00 -0.63 -0.02%
MSFT MICROSOFT CORP. 213.01 -1.31 -0.61%
NFLX NETFLIX INC. 540.12 +32.36 +6.37%

 

Elsewhere, Ford Motor Co. warned it may have to close U.S. plants as engine production based in Mexico has slowed due to disruptions from the COVID-19 pandemic.

Carnival Corp. lost $4.37 billion in the second quarter as COVID-19 kept ships docked and caused an 85 percent plunge in sales.

Ticker Security Last Change Change %
F FORD MOTOR COMPANY 6.03 +0.18 +3.17%
CCL CARNIVAL CORP. 15.86 +1.28 +8.78%

 

Oil majors ExxonMobil Corp., Chevron Corp. and Royal Dutch Shell Plc were on the move after the International Energy Agency raised its global oil demand forecast for the rest of the year to 92.1 million barrels per day, up 40,000 barrels, but warned the COVID-19 pandemic remains a risk.

Ticker Security Last Change Change %
XOM EXXON MOBIL CORPORATION 42.16 +0.80 +1.93%
CVX CHEVRON CORP. 84.35 +1.61 +1.95%
RDS.A ROYAL DUTCH SHELL PLC 32.02 +0.74 +2.38%

 

Meanwhile, West Texas Intermediate crude oil climbed 37 cents to $39.99 a barrel while gold slipped 80 cents to $1,803.80 an ounce.

U.S. Treasurys were little changed with the yield on the 10-year note holding near 0.605 percent.

In Europe, Germany’s DAX was trading higher by 1.14 percent while Britain’s FTSE and France’s CAC were up 0.85 percent and 0.91 percent, respectively.

Asian markets were lower across the board, with China’s Shanghai Composite pacing the decline, down 1.95 percent, after a report said a state fund was selling stocks. Meanwhile, Hong Kong’s Hang Seng slid 1.84 percent and Japan’s Nikkei lost 1.06 percent.


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