© Reuters.
© Reuters.

By Yasin Ebrahim

Investing.com – Wall Street surged on Friday as investors swooped in to buy stocks tied to the progress of the economy following positive reports about a potential Covid-19 vaccine in the wake of a record-surge U.S. Covid cases.

The rose 0.44%, while the was flat and the added 0.77%.

Gilead Sciences (NASDAQ:) released data on Friday showing its antiviral drug, remdesivir, cut the risk of death for severely sick coronavirus patients by 62% compared with standard care alone, sending its shares up more than 2%.

Biontech (NASDAQ:), up 6%, also delivered positive news in the race of a vaccine, with CEO Ugur Sahin reportedly claiming the company could have a treatment ready for approval by December, according to the Wall Street Journal.

The promising update on a vaccine helped ease investor jitters over the rapid spread of coronavirus, which infected a record 60,565 people in the U.S. on Thursday.

Energy and financials, both of which had been under pressure this week, jumped more than 2%, pushing the broader market higher.

The rise in financials was underpinned by a swing higher in bank stocks ahead of earnings next week.

Citigroup (NYSE:), JPMorgan (NYSE:), and Wells Fargo (NYSE:), all of which are set to report their second-quarter results on Tuesday, were up more than 2%. 

Renewed action on the reopening trade – bullish bets on stocks tied to the progress of the economic reopening – also benefited airlines and cruise lines, with the latter benefiting from a surge in cruise operator Carnival (NYSE:).

Carnival (NYSE:) jumped 8.2% on Friday after the cruise operator said it was cutting capacity and indicated that demand for 2021 is growing.

Tech stocks, however, lagged the broader move higher, as investors appeared to lock in some profit in megacap tech stocks.

Apple (NASDAQ:), Microsoft (NASDAQ:), Alphabet (NASDAQ:) and Amazon.com (NASDAQ:), the so-called Fab 5, making up about 40% of the Nasdaq Index, were mostly in the red.

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.

Read More

WP2Social Auto Publish Powered By : XYZScripts.com
Scroll Up