© Reuters. The spread of coronavirus disease (COVID-19) in New York
By Medha Singh and Devik Jain
(Reuters) – US stocks rose on Wednesday, with the S&P 500 near its highest level in more than four after promising early data for a potential COVID-19 vaccine and strong quarterly earnings from Goldman Sachs (NYSE 🙂 Months hovered.
Moderna (NASDAQ 🙂 Inc rose 5.8% after a small study showed that its experimental COVID-19 vaccine produced high levels of virus-killing antibodies.
Travel-related shares Carnival (NYSE 🙂 Corp, royal caribbean (NYSE 🙂 Cruises Ltd, Marriott International (NASDAQ 🙂 and Wynn Resorts (NASDAQ 🙂 rose between 6% and 17%, with the S&P 1500 Airlines index rising 6%.
"A vaccine or treatment against COVID-19 remains the best hope for the economy," said Adam Phillips, director of portfolio strategy at EP Wealth Advisors in Torrance, California.
"While we like to see progress on a vaccine, the fact remains that it will be unavailable for some time and the number of cases across the country continues to grow every day."
The United States has failed to control the corona virus, and there is a great deal of uncertainty about how the pandemic will affect the economy, Patrick Harker, president of the Federal Reserve Bank in Philadelphia, said as a number of US sun belt states reported an increase in COVID-19 cases recently.
The top three US stock indices made up for most of their losses from the corona-slump, with a series of stimulus measures and encouraging economic data that lift the S&P 500 to 5% of its record high in February.
In the current second quarter earnings season, investors are looking for annual marquee company forecasts to find signs of the pace of recovery in corporate America.
Goldman Sachs rose 0.6% as trading volumes doubled in the second quarter due to the strong fluctuations in the equity and bond markets since March.
Morgan Stanley (NYSE 🙂 rose 0.6% and Bank of America (NYSE 🙂 rose 1.3% ahead of Thursday's results, which would close the profits of the six major US banks. The broader bank index rose 2.0%.
At 12:50 p.m. ET, it rose 156.43 points or 0.59% to 26,799.02, the S&P 500 rose 18.24 points or 0.57% to 3,215.76. The value rose by 4.91 points or 0.05% to 10,493.48.
Profits for the Nasdaq were limited by online retail giant Amazon.com Inc (NASDAQ :), video streaming platform Netflix Inc (NASDAQ 🙂 Microsoft Corp. (NASDAQ :), which has slipped after rising to record highs recently.
"It is a sign that we are returning to normal, so people are starting to turn out of the areas that have really benefited the most from this unique recession," said Phillips.
UnitedHealth Group Inc (NYSE 🙂 fell 1.8% after being warned of rising costs later this year as Americans make up less urgent operations that have been stopped by the coronavirus pandemic.
The progressive emissions exceeded the declines with a ratio of 4.46 to 1 on the NYSE and a ratio of 3.40 to 1 on the Nasdaq.
The S&P index posted 27 new 52-week highs and no new lows, while the Nasdaq recorded 62 new highs and two new lows.