© Reuters. The spread of coronavirus disease (COVID-19) in New YorkBy Noel Randewich
(Reuters) – US stocks ended higher on Wednesday, after promising first data for a possible COVID-19 vaccine and a solid quarterly report from Goldman Sachs (NYSE :).
Modern Inc (O 🙂 recovered after a small-scale study showed that its experimental COVID-19 vaccine produced high levels of antibodies to the virus.
Travel related actions Carnival (NYSE 🙂 Corp, Royal Caribbean (NYSE 🙂 Cruises Ltd, Marriott International (NASDAQ 🙂 and Wynn Resorts (O 🙂 rose, as did the S&P 1500 airline index.
The S&P 500 outperformed heavy technology for the fourth straight session, a feat scored only twice since Wall Street launched its massive recovery last March.
Earnings for the Nasdaq were limited by online retail giant Amazon.com Inc (NASDAQ :), the video streaming platform Netflix Inc (NASDAQ 🙂 and Microsoft Corp (NASDAQ :), which slipped after rising to record levels recently.
“The news from Moderna woke everyone 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 movement today in those economically sensitive actions,” said Tim Ghriskey, Chief of Investment Strategies of the Investment Council in New York
In addition to investor enthusiasm, the Federal Reserve’s Beige Book survey showed that American companies saw a surge in activity in early July as states eased restrictions to contain the new coronavirus pandemic.
A series of encouraging measures and encouraging economic data have raised the S&P 500 to approximately 5% below its record in February.
However, the United States has failed to control the coronavirus, and there is a high level of uncertainty about how much the pandemic will affect the economy, Philadelphia Federal Reserve Bank President Patrick Harker said, as several solar belt states reported an increase in COVID. -19 cases recently.
Unofficially, it 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 saying its trading revenue doubled in the second quarter, fueled by large swings in the stock and bond markets since March.
Morgan Stanley (NYSE 🙂 and Bank of America (NYSE 🙂 won before their results on Thursday. The broader bank index also rose.
UnitedHealth Group Inc (NYSE 🙂 fell after warning of rising costs later this year as Americans catch up on less urgent surgeries halted by the coronavirus pandemic.
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