- Title: Wall Street rallies on vaccine bets, Goldman results
- Date: 13th July 2020
- Summary: SKYTOP, PENNSYLVANIA, UNITED STATES (JULY 15, 2020) (REUTERS VIA ZOOM) (SOUNDBITE) (English) LIZ MILLER, PRESIDENT, SUMMIT PLACE FINANCIAL ADVISORS, SAYING: "Nobody is providing long-term forecasts. So I think we're seeing the markets regularly respond very quickly to short term information because there is no long term information. So today we have good news on a vaccine and the markets are going to respond immediately. When we start getting longer-term information and longer-term forecasts, then I think the market will adjust to that information."
- Embargoed: 27th July 2020 01:07
- Keywords: COVID Carnival Delta Goldman Sachs Moderna gold tech stocks vaccine
- Location: NEW YORK, NEW YORK, AND SKYTOP, PENNSYLVANIA, UNITED STATES
- City: NEW YORK, NEW YORK, AND SKYTOP, PENNSYLVANIA, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets
- Reuters ID: LVA002CMX8U9Z
- Aspect Ratio: 16:9
- Story Text: U.S. stocks ended sharply higher on Wednesday (July 15), with the S&P 500 at its highest since early June, following promising early data for a potential COVID-19 vaccine and a strong quarterly report from Goldman Sachs.
Moderna Inc rallied 6.9% after a small-scale study showed its experimental COVID-19 vaccine produced high levels of virus-killing antibodies.
Travel-related stocks Carnival Corp., Royal Caribbean Cruises Ltd., Marriott International and Wynn Resorts surged between 7% and 21%, and the S&P 1500 airlines index rallied over 10%.
The S&P 500 beat the technology-heavy Nasdaq Composite for a fourth straight session, a feat scored only twice since Wall Street launched its massive recovery last March.
Gains for the Nasdaq were capped by online retail giant Amazon.com Inc., video streaming platform Netflix Inc. and Microsoft Corp., which slipped after surging to record highs recently.
Adding to investors' enthusiasm, the Federal Reserve's Beige Book survey showed U.S. businesses saw an uptick in activity into the beginning of July as states eased restrictions to contain the novel coronavirus pandemic.
Near the end of the trading session, U.S. President Donald Trump said his administration had completed a top to bottom overhaul of the infrastructure approval process.
The Dow Jones Industrial Average rose 0.85% to end at 26,870.03 points, while the S&P 500 gained 0.91% to 3,226.55.
The Nasdaq Composite climbed 0.59% to 10,550.49.
Goldman Sachs rose 1.4% after it said its trading revenue doubled in the second quarter, driven by big swings in stock and bond markets since March.
Morgan Stanley and Bank of America gained nearly 2% ahead of their results on Thursday. The broader banking index climbed 2.9%.
(Production: Soren Larson and Fred Katayama)
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