Connect with us

Business

Dow Jones Leads Market On Coronavirus Vaccine Hopes, But Nasdaq Slips Into Red – Investor’s Business Daily

The Dow Jones Industrial Average was up 200 points Friday afternoon as the stock market got a boost from bullish coronavirus vaccine news.

Published

on

post featured image

The Dow Jones Industrial Average was up 200 points Friday afternoon, as the stock market got a boost from bullish coronavirus vaccine news.
XThe Dow Jones industrials rose 0.8% and the S&P 500 added 0.4%, but the Nasdaq was fractionally lower  in the stock market today. Small caps tracked by the Russell 2000 rallied 1.3%. Volume was lower on both major exchanges vs. the same time Thursday.
For the week, the Nasdaq is on track for a 3.3% jump. The S&P 500 is eyeing a 1% gain and the Dow Jones index sees a 0.2% advance.
Despite this week’s volatility, the coronavirus stock market rally remains intact. A resurgence in tech stocks had lifted the tech-heavy Nasdaq to a 18% year-to-date gain through Thursday’s close, while the S&P 500 was down 2% and the Dow off 10%. Small caps continue to lag, with the Russell 2000 down 16%.
While the stock market has been in a confirmed uptrend since the April 2 follow-through day for the S&P 500, it’s had hiccups as fears of a second Covid-19 wave increase. (Read The Big Picture for a detailed analysis on daily market action.)
Covid-19 Update
Worldwide coronavirus cases topped 12.4 million, with nearly 560,000 deaths, according to Worldometer. In the U.S., confirmed cases are now over 3.2 million, with the death toll approaching 136,000.

U.S. Stock Market Today Overview
Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 25896.83 +190.74 +0.74
S&P 500 (0S&P5) 3164.63 +12.58 +0.40
Nasdaq (0NDQC ) 10547.92 +0.17 +0.00
Russell 2000 (IWM) 140.91 +1.84 +1.32
IBD 50 (FFTY) 36.32 -0.07 -0.19
Last Update: 12:50 PM ET 7/10/2020

As the U.S. economy reopens, several states are experiencing record levels of new Covid-19 cases, and hospitalizations, as case counts rise. Texas, one of the hardest hit states with new case spikes, last week halted its reopening.
Arizona, California, Colorado, Florida, Michigan and Texas have since re-closed bars. Though deaths have remained low, they hit their highest level since June 10 on Tuesday, as the U.S. added more than 55,000 coronavirus cases.
As the race for a coronavirus treatment or vaccine continues, Gilead Sciences (GILD) gained 2.5% in above-average volume to retake its 50-day moving average line. The biotech said its experimental Covid-19 treatment, remdesivir, reduced the risk of death by 62% in a Phase 3 trial.
Meantime, BioNTech (BNTX) soared 6% in nearly triple normal trade. The German biotech and partner Pfizer (PFE) said they expect their coronavirus vaccine to be ready for approval by year end. They expect to produce 1 billion doses next year. Pfizer advanced 1%.
Banks Gain Ahead Of Earnings
Airlines, banks and movie-related stocks led the upside among IBD’s 197 industry groups. But networking, solar and software stocks lagged.
JPMorgan (JPM) and Goldman Sachs (GS), up 3% each, were the biggest Dow gainers. JPMorgan sits 33% below its 52-week high as it continues to trade under its 50-day moving average.
Goldman, 18% off its 52-week high, is adding a handle to a deep base with a 48% correction. The potential buy point is 223.08, according to MarketSmith chart analysis. Both banks are scheduled to report earnings next week.
Among other blue chips, Dow Inc. (DOW), Travelers (TRV) and IBM (IBM) rose more than 2% apiece.
But Microsoft (MSFT) and Apple (AAPL) gave up a respective 0.7% and 0.4%. Both IBD Leaderboard stocks have shown strength in the coronavirus market rally. They set new closing highs Thursday, and are well extended from buy points.
Over in the IBD 50, Zynex (ZYXI) led with a 11% surge in fast turnover to a record high. Shares have rallied more than 110% since clearing a 13.86 buy point of a cup with handle in April.
The medical devices maker on Thursday said Q2 orders rose 37% year over year and boosted its full-year sales estimates to a range from $80 million to $85 million, from earlier guidance for $78 million to $83 million.
New High For Netflix
Netflix (NFLX) popped 7% in heavy trade to a new high. The streaming services giant is expected to post big subscriber numbers when it reports Q2 earnings on Thursday. But some analysts think that may already be priced into the stock, given its recent run up.
Shares are extended from a 459.07 buy point of a flat base. Netflix’s relative strength line, which compares a stock’s performance to the S&P 500, is at a new high a bullish sign.
The Innovator IBD 50 ETF (FFTY) edged down 0.2% as Futu Holdings (FUTU), PayPal (PYPL) and Regeneron Pharmaceutical (REGN) weighed.
Follow Nancy Gondo on Twitter at @IBD_NGondo
YOU MAY ALSO LIKE: 
Is It Too Late To Buy These Top Tech Stocks In Rally Mode?
Best Growth Stocks To Buy And Watch
Start Building Your Watchlist Now: Find Top Stocks In Leaderboard Today
Join IBD Live To Learn Top Chart-Reading And Trading Techniques From The Pros

Click here to view the original article.

Business

UK employment sees largest quarterly fall in a decade – CNBC

The decrease in employment in the U.K. between April and June was the largest quarterly fall since 2009, according to official data.

Published

on

post featured image

Employment in the U.K. has seen its largest quarterly fall in over a decade, according to official data published Tuesday.
The Office for National Statistics said estimates show 32.92 million people were in employment between April and June, 113,000 more than a year before, but 220,000 fewer than the previous quarter.
This decrease in employment, which affected both men and women, was the largest quarterly fall since May to July 2009.
Data for July showed that the number of employees on payro…

Click here to view the original article.

Continue Reading

Business

Hungry Jack’s closes Ballarat CBD, Wendouree stores after staff member tests positive to COVID-19 – ABC News

Fast food giant Hungry Jack’s closes two stores in the regional Victorian city after a staff member tests positive.

Published

on

post featured image

Fast food giant Hungry Jack’s has closed two stores in the regional Victorian city Ballarat and workers have gone into quarantine after a staff member tested positive to COVID-19.
Key points:

  • Staff member at Hungry Jack’s in Ballarat tests positive to COVID-19
  • Two stores have closed as a result in Ballarat
  • Union says the fast food chain needs to provide more information

In a statement, the retailer said it had temporarily closed its Ballarat CBD and Wendoure…

Click here to view the original article.

Continue Reading

Business

New A2 Milk CEO must buy before selling – The Australian Financial Review

A2 Milk’s last chief executive took some by surprise when she unexpectedly sold shares. Now they’ve named a replacement, the company is making sure that mistake won’t be repeated.

Published

on

He will receive a base salary of $1.75 million, including superannuation, and may receive a short-term incentive payment of 120 per cent of his fixed base salary in his first year, though performance objectives have yet to be determined.
On an annual basis, he will be able to take up performance rights under the long-term incentive plan equivalent to 160 per cent of his fixed remuneration. These will vest over three years, with conditions to be determined. Mr Bortolussi will receive an addition…

Click here to view the original article.

Continue Reading

Trending