Dow gains 250 points as traders weigh virus spike against treatment advances
- US stocks rose on Friday as traders weighed another record in daily virus cases against advances in treatment.
- On Thursday, the US reported 63,200 new coronavirus cases, according to data from Johns Hopkins University.
- Meanwhile, Gilead Sciences said on Friday that an analysis of clinical-trial data for its remdesivir drug found a 62% reduction in mortality risk among severe COVID-19 patients.
- Oil rose as the International Energy Agency said the increase in coronavirus cases could hurt the market recovery.
- Read more on Business Insider.
US stocks rose on Friday as traders weighed another record spike in virus cases against advances in treatment.
On Thursday, the US reported 63,200 new coronavirus cases, according to data from Johns Hopkins University. Florida, Texas, and California also reported record numbers of new COVID-19 deaths.
Gilead Sciences said on Friday that an analysis of clinical-trial data for its remdesivir drug found a 62% reduction in mortality risk among severely ill COVID-19 patients compared with standard care. Shares of Gilead climbed more than 2%.
Here's where US indexes stood at 12:15 p.m. ET on Friday:
- S&P 500: 3,168.02, up 0.52%
- Dow Jones industrial average: 25,952.50, up 1% (250 points)
- Nasdaq composite: 10,551.24, up 0.04%
Bank stocks led the S&P 500 higher as investors looked ahead to the start of earnings season next week. Technology stocks lagged after leading the Nasdaq Composite to multiple record highs in recent trading sessions.
Oil rose even as the International Energy Agency said the increase in coronavirus cases could hurt the market recovery. West Texas Intermediate crude rose as much as 0.5%, to $38.54 per barrel. Brent crude, the international benchmark, climbed 0.5%, to $42.56 per barrel, at intraday highs.
Earnings season starts next week for US companies, which could test investor risk appetites.
"The second-quarter results are set to lay bare the pandemic's impact to a greater extent compared to the previous quarter's figures and this could prove to be one of Wall Street's worst earnings seasons," said Han Tan, a market analyst at FXTM. "It remains to be seen whether market participants have the stomach to digest such despairing numbers."