Business 'Injected' Covid-19 Vaccine, Wall Street Flying High

‘Injected’ Covid-19 Vaccine, Wall Street Flying High

Jakarta, CNBC Indonesia United States (US) Wall Street stock exchange strengthened sharply at the close of trading Monday (14/9/2020). This has been fueled by advances in the development of a coronavirus (Covid-19) vaccine, as well as a surge in multibillion-dollar deals that have kept investors optimistic.

Being one of the most advanced in development, drug manufacturer AstraZeneca continues clinical trials of the Covid-19 vaccine in the UK. Additionally, Pfizer Inc shares rose 2.6% after German drug maker and biotech company BioNTech SE proposed expanding their critical Phase 3 trial of the Covid-19 vaccine to about 44,000 participants.

“The market likes anything with vaccines because that’s the ultimate solution here. We’ll see a lot more headlines,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. Reuters.

Merger-related news also lifted the market, and technology stocks did well but the value-related sector did too, said Ghriskey. This shows that investors can continue to buy value on the stock market.

The Dow Jones Industrial Average rose 327.69 points, or 1.18%, to 27,993.33. Meanwhile the S&P 500 rose 42.57 points or 1.27%, to 3,383.54, and the Nasdaq Composite added 203.11 points, or 1.87%, to 11,056.65.

With broad gains, all S&P 500 sectors ended in positive territory. Real estate and technology stocks led the gains.

Nvidia Corp shares surged 28.31 points, or 5.8%, to 514.89 and was one of the biggest drivers for the S&P 500 index.

Meanwhile Nasdaq follows plans to buy UK-based chip designer Arm from Japan’s SoftBank Group Corp. for $ 40 billion, in a deal set to reshape the global semiconductor landscape. The Philadelphia SE chip index rose 2.1%.

Oracle rose 2.46 points, or 4.3%, to 59.46 after the cloud service company said it would work with China’s ByteDance to keep TikTok operating in the US, beating Microsoft Corp in a deal structured as a partnership rather than an outright sale.

US stocks emerged from a two-week losing streak as investors sold tech heavyweights that pushed the benchmark index to record highs in a dramatic recovery from lows in March.

Seattle Genetics rose 21.82 points, or 14.5%, to 171.79 after Merck & Co Inc. said it would buy a $ 1 billion stake in a smaller drug maker to co-develop and sell cancer therapies.

Meanwhile, Tesla Inc shares rebounded 46.90 points or 12.5% ​​to 419.62 after experiencing losses last week.

This weekend, investors will focus on the Federal Reserve’s last policy meeting before the November 3 US presidential election.

In other deal news, Immunomedics Inc shares surged 41.40 points, or 97.9%, to 83.65 following Gilead Sciences Inc.’s $ 21 billion deal.

Problems advancing outnumbered declines on the NYSE by a ratio of 4.16 to 1; and on the Nasdaq, the ratio of 3.67 to 1 is favored by the developers.

The S&P 500 posted 11 new highs for 52 weeks and no new lows. Meanwhile the Nasdaq recorded 50 new highs and 22 new lows.

Volume on US exchanges was 8.72 billion shares, compared with the 9.28 billion average for the full session over the last 20 trading days.

[Gambas:Video CNBC]

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