Stocks leap on progress of coronavirus vaccine, $ 1T stimulus package in the works

0
74


U.S. stock markets rallied on Monday, closing near session highs as President Trump discussed progress on a coronavirus vaccine and Republicans drafted their $ 1 trillion stimulus bill.

Teleprinter security Latest Change Change%
I: DJI MEDIUM DOW JONES 26584,77 +114,88 + 0,43%
SP500 S&P 500 3239,41 +23,78 + 0,74%
I: COMP INDEX COMPOSITE NASDAQ 10536.267111 +173,09 + 1,67%

The Dow Jones Industrial Average added 114 points, or 0.43%, while the S&P 500 and the Nasdaq Composite rose 0.74% and 1.67%, respectively.

Trump, speaking in the final hour of negotiations at the Bioprocess Innovation Center at Fujifilm Diosynth Biotechnologies, noted the rapid progress in the coronavirus vaccine race.

Teleprinter security Latest Change Change%
RNAm MODERNA INC. 79,91 +6,70 + 9,15%
NVAX NOVAVAX INC. 139,60 +5,67 + 4,23%

Earlier in the session, Moderna announced the start of a Phase 3 trial for its investigational COVID-19 vaccine. Novavax has also made progress in tandem.

Along with progress on a vaccine, Senate Majority Leader Mitch McConnell, R-Ky., Is set to unveil his $ 1 trillion coronavirus relief proposal, which slashes unemployment benefits recently expired, sends a check for $ 1,200 to Americans earning less than $ 75,000 a year. and provides billions of dollars in aid to schools and universities. Congress only has a week before a scheduled hiatus to bridge the gap between the Republican plan and the $ 3 trillion package passed by House Democrats in May.

MAGA STOCKS CORONAVIRUS SURGE CAUSES DOTCOM BUBBLE FLASHBACKS

Investors have ignored overnight developments that saw the US consulate in Chengdu, China closed as Beijing retaliated over the closure of its Houston consulate last week.

Escalating tensions between the United States and China and the decline of the U.S. dollar to its lowest level since September 2018 have helped propel gold prices to record highs.

Gold futures for July delivery climbed 1.78% to close at a record high of $ 1,931 an ounce, while silver gained 7.3% to $ 24.476, a level seen for the last time in August 2013.

Miners, including Barrick Gold Corp., Newmont Corp. and Pan American Silver Corp., have benefited from soaring gold and silver prices.

Teleprinter security Latest Change Change%
OR BARRICK GOLD CORP. 29,91 +1,47 + 5,17%
NON CORPORATION NEWMONT GOLDCORP 69,04 +2,29 + 3,43%
PAAS PAN AMERICAN SILVER CORP 38,77 +2.07 + 5,64%

DraftKings came under lower pressure after two MLB games were postponed after at least 13 members of the Miami Marlins’ organization were diagnosed with COVID-19.

Southwest Airlines Co. CEO Gary Kelly sent a letter to employees saying the company has no plans to lay off or lay off workers, cut wages, or cut benefits at least until at the end of 2020.

Teleprinter security Latest Change Change%
LUV SOUTHWEST AIRLINES CO. 31,53 -0,13 -0,41%

Elsewhere, software giant SAP SE plans to spin-off Qualtrics less than two years after purchasing the software survey provider for $ 8 billion.

On the profit side, Hasbro Inc. lost $ 33.9 million in the three months of June as supply chain disruptions and store closures made it difficult for the toy maker to respond to consumer demand.

Albertsons Companies Inc. reported quarterly revenue of 21% from a year ago at $ 22.75 billion, just below the expected $ 22.79 billion. Meanwhile, adjusted earnings of $ 1.35 per share broke the consensus of $ 1.32. The report was the grocer’s first since it was released in June.

Teleprinter security Latest Change Change%
SAP SAP SE 164,87 +6,25 + 3,94%
A HASBRO INC. 71,84 -5,75 -7,41%
ACI ALBERTSONS COMPANIES 15,24 -0,87 -5,40%

On the oil side, West Texas Intermediate crude gained 31 cents to $ 41.60 a barrel.

On the data front, durable goods orders rose 7.3% month over month, beating the expected 7% increase. However, non-transportation durable goods rose 3.3% MoM, missing the 3.6% gain analysts were expecting.

US Treasuries were little changed, with the yield on the 10-year note hovering around 0.609%.

CLICK HERE TO LEARN MORE ABOUT FOX BUSINESS

In Europe, the German DAX was little changed, while the UK FTSE and French CAC lost 0.31% and 0.34% respectively.

Asian markets ended up mixed with China’s Shanghai Composite adding 0.27% while Hong Kong’s Hang Seng fell 0.41% and Japan’s Nikkei lost 0.16%.

LEAVE A REPLY

Please enter your comment!
Please enter your name here