Portfolio

US close: Stocks make gains as Trump pledges vaccine purchases

By Josh White

Date: Thursday 13 Aug 2020

US close: Stocks make gains as Trump pledges vaccine purchases

(Sharecast News) - Wall Street stocks closed in the green on Wednesday, as the S&P 500 rebounded from its first losing session in over a week.
At the close, the Dow Jones Industrial Average was up 1.05% at 27,976.84, the S&P 500 added 1.4% to 3,380.35, and the Nasdaq Composite was 2.13% firmer at 11,012.24.

The Dow closed 289.93 points higher on Wednesday, reversing losses recorded in the previous session despite Russia providing markets with some optimism by giving regulatory approval for the world's first Covid-19 vaccine.

Boosting sentiment early on Wednesday was Donald Trump's revelation that the White House would purchase 100m doses of Moderna's experimental Covid-19 vaccine candidate, currently in late-stage human trials.

A recent slowdown in the number of new coronavirus cases in the US was also providing investors with some optimism.

"US stocks joined their European counterparts in the green today, with the S&P 500 moving within touching distance of all-time highs," said IG senior market analyst Joshua Mahony.

Also in focus was former vice president and presidential candidate Joe Biden's announcement that California senator Kamala Harris would join him on the Democratic ticket, with the pair making their first speeches together late in the US day.

On the macro front, US inflation rose faster than expected in July, according to figures released on Wednesday by the Labor Department.

Consumer price inflation increased 0.6% on the month, unchanged from June and higher than the 0.3% rise expected by analysts.

On the year, inflation rose 1% in July from 0.6% the month before and versus expectations of 0.8% growth.

From the Fed, Boston president Eric Rosengren said the recent slowdown in US economic activity was likely to persist as a result of the difficulties individual states have experienced in their attempts to suppress Covid-19.

"Limited or inconsistent efforts by states to control the virus based on public health guidance are not only placing citizens at unnecessary risk of severe illness and possible death but are also likely to prolong the economic downturn," Rosengren said on Wednesday.

In corporate news, Tesla shares surged 13.12% after approving a five-for-one stock split, while stock in Chili's parent Brinker International rose 14.52% after it posted a narrower-than-expected fourth-quarter loss.

Dow Jones - Risers

Apple Inc. (AAPL) $452.04 3.32%
Microsoft Corp. (MSFT) $209.19 2.86%
Home Depot Inc. (HD) $281.58 2.42%
Merck & Co. Inc. (MRK) $82.71 2.19%
Unitedhealth Group Inc. (UNH) $322.27 2.13%
Intel Corp. (INTC) $49.19 2.08%
Cisco Systems Inc. (CSCO) $48.10 1.93%
Johnson & Johnson (JNJ) $149.66 1.83%
Procter & Gamble Co. (PG) $135.46 1.67%
Pfizer Inc. (PFE) $38.33 1.43%

Dow Jones - Fallers

Boeing Co. (BA) $175.44 -2.60%
Exxon Mobil Corp. (XOM) $44.09 -1.96%
American Express Co. (AXP) $101.68 -1.53%
Travelers Company Inc. (TRV) $118.86 -0.88%
JP Morgan Chase & Co. (JPM) $102.94 -0.85%
Walgreens Boots Alliance, Inc. (WBA) $41.82 -0.07%
International Business Machines Corporation (CDI) (IBM) $126.70 -0.04%
Dowdupont Inc. (DWDP) $30.52 0.00%
Caterpillar Inc. (CAT) $142.57 0.03%
Raytheon Technologies Corporation (RTX) $64.29 0.05%

S&P 500 - Risers

Advanced Micro Devices Inc. (AMD) $82.61 7.45%
QUALCOMM Inc. (QCOM) $115.79 6.40%
Nvidia Corp. (NVDA) $457.61 5.44%
ConocoPhillips (COP) $41.66 4.91%
Skyworks Solutions Inc. (SWKS) $147.56 4.41%
Invesco Ltd. (IVZ) $11.39 4.11%
TripAdvisor Inc. (TRIP) $23.01 3.98%
KLA-Tencor Corp. (KLAC) $208.00 3.72%
Pioneer Natural Resources Co. (PXD) $110.50 3.70%
Halliburton Co. (HAL) $16.71 3.53%

S&P 500 - Fallers

FLIR Systems Inc. (FLIR) $36.55 -4.67%
Carnival Corp. (CCL) $15.19 -3.98%
American International Group Inc. (AIG) $30.94 -3.25%
Discovery Inc. Class C (DISCK) $20.07 -3.21%
Discovery Inc. Class A (DISCA) $21.82 -2.94%
Franklin Resources Inc. (BEN) $22.01 -2.91%
Omnicom Group Inc. (OMC) $54.15 -2.85%
Wynn Resorts Ltd. (WYNN) $85.80 -2.82%
Mylan Inc. (MYL) $16.18 -2.76%
Norwegian Cruise Line Holdings Ltd (NCLH) $15.23 -2.62%

Nasdaq 100 - Risers

Tesla Inc (TSLA) $1,554.76 13.12%
QUALCOMM Inc. (QCOM) $115.79 6.40%
Nvidia Corp. (NVDA) $457.61 5.44%
Skyworks Solutions Inc. (SWKS) $147.56 4.41%
NetEase Inc. Ads (NTES) $474.53 4.40%
Asml Holdings N.V. (ASML) $374.81 3.74%
KLA-Tencor Corp. (KLAC) $208.00 3.72%
Vertex Pharmaceuticals Inc. (VRTX) $270.85 3.43%
Lam Research Corp. (LRCX) $381.52 3.39%
Hologic Inc. (HOLX) $67.99 3.34%

Nasdaq 100 - Fallers

Wynn Resorts Ltd. (WYNN) $85.80 -2.82%
Mylan Inc. (MYL) $16.18 -2.76%
Dish Network Corp. (DISH) $34.43 -2.27%
DENTSPLY Sirona Inc. (XRAY) $44.96 -1.86%
American Airlines Group (AAL) $13.54 -1.38%
Expedia Group Inc. (EXPE) $86.95 -1.33%
Marriott International - Class A (MAR) $96.03 -1.01%
Henry Schein Inc. (HSIC) $66.67 -0.79%
Western Digital Corp. (WDC) $36.77 -0.57%
Seagate Technology Plc (STX) $45.64 -0.31%

..

Email this article to a friend

or share it with one of these popular networks:


Top of Page