US equity markets rallied on Friday, fueled again by large-cap technology and positive developments in the race for the coronavirus vaccine after study found that experimental therapy had reduced patient mortality.
The Nasdaq Composite, which broke its third record in a row this week, has been lifted by new heights at Apple, Amazon and Netflix.
|I: COMP||NASDAQ COMPOSITE INDEX||10617.443394||+69,69||+ 0,66%|
|AAPL||APPLE INC.||383,68||+0,95||+ 0,25%|
|AMZN||AMAZON.COM INC.||3.200,00||+17,37||+ 0,55%|
|NFLX||NETFLIX INC.||548,73||+40,97||+ 8.07%|
Meanwhile, the Dow Jones Industrial Average rose 369.07 points or 1.44%, while the S&P 500 added 1.05%.
For the week, the top three averages posted gains.
|In: DJI||MEDIUM DOW JONES||26075,3||+369,21||+ 1.44%|
|SP500||S&P 500||3185.04||+32,99||+ 1,05%|
In healthcare stocks, a phase 3 study found that experimental treatment of remdesivir from Gilead Sciences Inc. was associated with a 62% reduction in the risk of death in COVID-19 patients.
On the same front, BioNTech CEO Dr. Ugur Sahin told the Wall Street Journal that his company’s COVID-19 experimental vaccine, developed with Pfizer Inc., would be ready for regulatory approval by the end. of the year.
|BROWN||GILEAD SCIENCES INC.||76,32||+1,61||+ 2,15%|
|PFE||PFIZER INC.||33,83||+0,37||+ 1.11%|
In the auto sector, Tesla has crossed the $ 1,500 level for the first time as speculators envisioned the profit season and the potential for another profitable quarter from the car company led by Elon Musk.
|TSLA||TESLA INC.||1 544,65||+150,37||+ 10.78%|
Elsewhere, Ford Motor Co. has warned that it may be necessary to close factories in the United States because production of engines based in Mexico has slowed due to the disruption of the COVID-19 pandemic.
Carnival Corp. lost $ 4.37 billion in the second quarter as COVID-19 kept ships docked and caused an 85% drop in sales.
|F||FORD MOTOR COMPANY||6.10||+0,26||+ 4.45%|
|CCL||CARNIVAL CORP.||16.16||+1,58||+ 10.84%|
Oil majors ExxonMobil Corp., Chevron Corp. and Royal Dutch Shell Plc were on the move after the International Energy Agency increased its forecast for global oil demand for the rest of the year to 92.1 million barrels per day, up from 40,000 barrels , but warned the COVID -19 pandemic remains a risk.
|XOM||EXXON MOBIL CORPORATION||42,65||+1,29||+ 3.12%|
|CVX||CHEVRON CORP.||85,23||+2,49||+ 3.01%|
|RDS.A||ROYAL DUTCH SHELL PLC||32,21||+0,93||+ 2.97%|
Meanwhile, West Texas Intermediate crude oil finished the week at $ 40.55 a barrel while gold slipped to $ 1,798.20 an ounce.
There was little change in US Treasuries, with the yield on the 10-year note being close to 0.633%.
In Europe, the German DAX moved at 1.15%, while the British FTSE and the French CAC rose by 0.76% and 1.01% respectively.
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Asian markets were lower across the board, with Shanghai’s Chinese composite pacing the decline, down 1.95%, according to a report that a state fund was selling stocks. Meanwhile, the Hong Kong Hang Seng slipped 1.84% and the Japanese Nikkei lost 1.06%.