U.S. Stocks Jump on Good News About a Virus Treatment

Barbara Kollmeyer Carleton English Nicholas Jasinski Markets BA GE GILD GOOGL IAG.LN WMT British Airways Barclays Boeing Boeing BP Deutsche Bank Nasdaq Federal Open Market Committee Gilead Sciences Gilead Sciences GE GE Google Alphabet Mastercard Microsoft National Institute of Allergy and Infectious Diseases Facebook Qualcomm Royal Dutch Shell Tesla Bureau of Economic Analysis U.S. Treasury World Health Organization Walmart Pharmaceuticals Health Care/Life Sciences Specialized Drugs/Medications Antivirals Dr. Anthony Fauci Jerome Powell Gordon Haskett Piper Sandler Asia Pacific Asia BRICS Countries China Greater China Emerging Market Countries Developing Economies Eastern Asia North America United States Financial Performance Share Price Movement/Disruptions Corporate Actions Corporate/Industrial News Stock Trading Disruptions Economic News Political/General News Respiratory Tract Diseases Health Medical Conditions Outbreaks/Epidemics Novel Coronaviruses Infectious Diseases Equity Markets Commodity/Financial Market News Content Types Factiva Filters C&E Exclusion Filter C&E Industry News Filter BA G/FED GE GILD I/DRG IAG.LN IAG.MC ICAGY M/HCR N/CAC N/CNW N/GEN N/GENI N/HLT N/IEN N/MKT N/NWS N/PFM N/STK N/STR R/ASI R/CH R/FE R/FEO R/NME R/US WMT Barrons.com Barrons Blogs U.S. crude prices DJIA Dow Jones Industrial Average FTSE 100 index International Consolidated Airlines Group Nasdaq-100 S&P 500 SPX Stoxx Europe 600 index UK:UKX XX:SXXP CODES_REVIEWED Consumer Europe Financials Technology Industrials Markets Now Markets Transportation US author Barbara Kollmeyer author|Barbara Kollmeyer topicid 7274 name Barbara Kollmeyer extractedtext Barbara Kollmeyer rank 1 codetype author code barbara_kollmeyer nameformat surname_first author Barbara Kollmeyer id Barbara Kollmeyer author Nicholas Jasinski author|Nicholas Jasinski name Nicholas Jasinski extractedtext Nicholas Jasinski rank 2 codetype author code _nicholas_jasinski nameformat surname_first author Nicholas Jasinski id Nicholas Jasinski topicid 8575 topicid author Carleton English author|Carleton English topicid 8590 name Carleton English extractedtext Carleton English rank 3 codetype author code carleton_english nameformat surname_first author Carleton English id Carleton English barrons_display_subject BARMKTS barrons_display_subject|BARMKTS canbedisplaysubject true codetype BARRONS_DISPLAY_SUBJECT name Markets source MANUAL code BARMKTS value BARMKTS status modified co fed co|fed significance prominent why about source FACTIVA subcat org fcode fed codetype co code fed onlinesignificance prominent co dorswa co|dorswa fullextractedtext Nasdaq displayname Nasdaq confidence 92 why occur extractedtext Nasdaq source FACTIVA subcat com relevance 12 significance passing name Nasdaq confidencerange high relevancerange low fcode dorswa codetype co code dorswa onlinesignificance passing-mention co gilsci co|gilsci country US symbol GILD displayname Gilead Sciences why occur extractedtext Gilead Sciences source FACTIVA seoname gilead_sciences countrycode US relevancerange low chartingsymbol STOCK/US/XNAS/GILD fcode gilsci fullextractedtext Gilead Sciences ticker GILD confidence 100 subcat com relevance 27 significance passing name Gilead Sciences confidencerange high exchange Nasdaq exchangeisocode XNAS codetype co code gilsci onlinesignificance passing-mention co Federal Open Market Committee co|Federal Open Market Committee fullextractedtext Federal Open Market Committee displayname Federal Open Market Committee name Federal Open Market Committee extractedtext Federal Open Market Committee source FACTIVA subcat gov codetype co code federal_open_market_committee co nilgyd co|nilgyd fullextractedtext National Institute of Allergy and Infectious Diseases codetype co displayname National Institute of Allergy and Infectious Diseases confidence 100 extractedtext National Institute of Allergy and Infectious Diseases source FACTIVA subcat org code nilgyd relevance 1 name National Institute of Allergy and Infectious Diseases confidencerange high relevancerange verylow fcode nilgyd co usbea co|usbea fullextractedtext Bureau of Economic Analysis codetype co displayname Bureau of Economic Analysis confidence 100 why occur extractedtext Bureau of Economic Analysis source FACTIVA subcat org code usbea relevance 6 name Bureau of Economic Analysis significance passing confidencerange high relevancerange low fcode usbea onlinesignificance passing-mention co usdtr co|usdtr fullextractedtext U.S. Treasury codetype co displayname U.S. Treasury confidence 100 why occur extractedtext U.S. Treasury source FACTIVA subcat org code usdtr relevance 1 name U.S. Treasury significance passing confidencerange high relevancerange low fcode usdtr onlinesignificance passing-mention co whoz co|whoz fullextractedtext World Health Organization codetype co displayname World Health Organization confidence 100 why occur extractedtext World Health Organization source FACTIVA subcat org code whoz relevance 19 name World Health Organization significance passing confidencerange high relevancerange low fcode whoz onlinesignificance passing-mention co wlmrt co|wlmrt country US symbol WMT codetype co displayname Walmart why occur extractedtext Walmart source FACTIVA seoname walmart name Walmart countrycode US relevancerange low chartingsymbol STOCK/US/XNYS/WMT fcode wlmrt fullextractedtext Walmart ticker WMT confidence 100 subcat com code wlmrt relevance 19 significance passing confidencerange high exchange NYSE exchangeisocode XNYS onlinesignificance passing-mention co bairw co|bairw country UK symbol IAG.LN codetype co displayname International Consolidated Airlines Group why occur extractedtext British Airways source FACTIVA seoname international_consolidated_airlines_group name British Airways countrycode UK relevancerange low chartingsymbol STOCK/UK/XLON/IAG fcode bairw fullextractedtext British Airways ticker UK:IAG confidence 100 subcat com code bairw relevance 25 significance passing confidencerange high exchangeisocode XLON onlinesignificance passing-mention co boeing co|boeing country US symbol BA codetype co displayname Boeing why occur extractedtext Boeing source FACTIVA seoname boeing name Boeing countrycode US relevancerange low chartingsymbol STOCK/US/XNYS/BA fcode boeing fullextractedtext Boeing ticker BA confidence 100 subcat com code boeing relevance 7 significance passing confidencerange high exchange NYSE exchangeisocode XNYS onlinesignificance passing-mention co gnelc co|gnelc country US symbol GE codetype co displayname General Electric why occur extractedtext GE source FACTIVA seoname general_electric name GE countrycode US relevancerange low chartingsymbol STOCK/US/XNYS/GE fcode gnelc fullextractedtext GE ticker GE confidence 90 subcat com code gnelc relevance 13 significance passing confidencerange high exchange NYSE exchangeisocode XNYS onlinesignificance passing-mention co gognew co|gognew fullextractedtext Google codetype co displayname Google confidence 100 why occur extractedtext Google source FACTIVA subcat com code gognew relevance 13 name Google significance passing confidencerange high relevancerange low fcode gognew onlinesignificance passing-mention co GOOG co|GOOG symbol GOOGL country US codetype co displayname Alphabet Cl A extractedtext Alphabet source MANUAL code googl name Alphabet significance prominent exchange U.S.: Nasdaq exchangeisocode XNAS chartingsymbol STOCK/US/XNAS/GOOGL fcode GOOG status modified onlinesignificance passing-mention co GNELC co|GNELC symbol GE country US codetype co displayname General Electric extractedtext GE source MANUAL code ge name GE significance prominent exchange U.S.: NYSE exchangeisocode XNYS chartingsymbol STOCK/US/XNYS/GE fcode GNELC status modified onlinesignificance passing-mention co BOEING co|BOEING symbol BA country US codetype co displayname Boeing extractedtext Boeing source MANUAL code ba name Boeing significance prominent exchange U.S.: NYSE exchangeisocode XNYS chartingsymbol STOCK/US/XNYS/BA fcode BOEING status modified onlinesignificance passing-mention co INTBMC co|INTBMC symbol MA country US codetype co displayname Mastercard extractedtext Mastercard source MANUAL code ma name Mastercard significance prominent exchange U.S.: NYSE exchangeisocode XNYS chartingsymbol STOCK/US/XNYS/MA fcode INTBMC status modified onlinesignificance passing-mention co QCOM co|QCOM symbol QCOM country US codetype co displayname Qualcomm extractedtext Qualcomm source MANUAL code qcom name Qualcomm significance prominent exchange U.S.: Nasdaq exchangeisocode XNAS chartingsymbol STOCK/US/XNAS/QCOM fcode QCOM status modified onlinesignificance passing-mention co ONLNFR co|ONLNFR symbol FB country US codetype co displayname Facebook Cl A extractedtext Facebook source MANUAL code fb name Facebook significance prominent exchange U.S.: Nasdaq exchangeisocode XNAS chartingsymbol STOCK/US/XNAS/FB fcode ONLNFR status modified onlinesignificance passing-mention co MCROST co|MCROST symbol MSFT country US codetype co displayname Microsoft extractedtext Microsoft source MANUAL code msft name Microsoft significance prominent exchange U.S.: Nasdaq exchangeisocode XNAS chartingsymbol STOCK/US/XNAS/MSFT fcode MCROST status modified onlinesignificance passing-mention co TESLMI co|TESLMI symbol TSLA country US codetype co displayname Tesla extractedtext Tesla source MANUAL code tsla name Tesla significance prominent exchange U.S.: Nasdaq exchangeisocode XNAS chartingsymbol STOCK/US/XNAS/TSLA fcode TESLMI status modified onlinesignificance passing-mention co RNLP co|RNLP symbol RDSA.LN country UK codetype co displayname Royal Dutch Shell A extractedtext Royal Dutch Shell source MANUAL code uk_rdsa name Royal Dutch Shell significance prominent exchange U.K.: London exchangeisocode XLON chartingsymbol STOCK/UK/XLON/RDSA fcode RNLP status modified onlinesignificance passing-mention co BP co|BP symbol BP.LN country UK codetype co displayname BP extractedtext BP source MANUAL code uk_bp name BP significance prominent exchange U.K.: London exchangeisocode XLON chartingsymbol STOCK/UK/XLON/BP fcode BP status modified onlinesignificance passing-mention co BARC co|BARC symbol BARC.LN country US codetype co displayname Barclays extractedtext Barclays source MANUAL code bcs name Barclays significance prominent exchange U.S.: NYSE exchangeisocode XNYS chartingsymbol STOCK/US/XNYS/BCS fcode BARC status modified onlinesignificance passing-mention co DEUT co|DEUT symbol DBK.XE country US codetype co displayname Deutsche Bank extractedtext Deutsche Bank source MANUAL code db name Deutsche Bank significance prominent exchange U.S.: NYSE exchangeisocode XNYS chartingsymbol STOCK/US/XNYS/DB fcode DEUT status modified onlinesignificance passing-mention co GILSCI co|GILSCI symbol GILD country US codetype co displayname Gilead Sciences extractedtext Gilead Sciences source MANUAL code gild name Gilead Sciences significance prominent exchange U.S.: Nasdaq exchangeisocode XNAS chartingsymbol STOCK/US/XNAS/GILD fcode GILSCI status modified onlinesignificance prominent company GILD company|GILD name Gilead Sciences significance PROMINENT company BA company|BA name Boeing significance PROMINENT company GE company|GE name General Electric significance PROMINENT company GOOGL company|GOOGL name Alphabet significance PROMINENT company WMT company|WMT name Walmart significance PASSING-MENTION company IAG.LN company|IAG.LN name British Airways significance PASSING-MENTION djn G/FED djn|G/FED significance prominent name G/FED why about source FACTIVA fcode G/FED codetype djn code g_fed onlinesignificance prominent djn N/GENI djn|N/GENI significance prominent name N/GENI why about source FACTIVA fcode N/GENI codetype djn code n_geni onlinesignificance prominent djn N/IEN djn|N/IEN significance prominent name N/IEN why about source FACTIVA fcode N/IEN codetype djn code n_ien onlinesignificance prominent djn WMT djn|WMT codetype djn why occur source FACTIVA code wmt name WMT significance passing fcode WMT onlinesignificance passing-mention djn R/CH djn|R/CH codetype djn why about source FACTIVA code r_ch name R/CH significance prominent fcode R/CH onlinesignificance prominent djn R/ASI djn|R/ASI codetype djn name R/ASI why lineage source FACTIVA code r_asi fcode R/ASI djn R/FE djn|R/FE codetype djn name R/FE why lineage source FACTIVA code r_fe fcode R/FE djn R/FEO djn|R/FEO codetype djn name R/FEO why lineage source FACTIVA code r_feo fcode R/FEO djn GILD djn|GILD codetype djn why occur source FACTIVA code gild name GILD significance passing fcode GILD onlinesignificance passing-mention djn I/DRG djn|I/DRG codetype djn name I/DRG why lineage source FACTIVA code i_drg fcode I/DRG djn M/HCR djn|M/HCR codetype djn name M/HCR why lineage source FACTIVA code m_hcr fcode M/HCR djn N/NWS djn|N/NWS codetype djn why about source FACTIVA code n_nws name N/NWS significance prominent fcode N/NWS onlinesignificance prominent djn N/STR djn|N/STR codetype djn why about source FACTIVA code n_str name N/STR significance prominent fcode N/STR onlinesignificance prominent djn N/CAC djn|N/CAC codetype djn name N/CAC why lineage source FACTIVA code n_cac fcode N/CAC djn N/GEN djn|N/GEN codetype djn name N/GEN why lineage source FACTIVA code n_gen fcode N/GEN djn N/HLT djn|N/HLT codetype djn name N/HLT why lineage source FACTIVA code n_hlt fcode N/HLT djn IAG.LN djn|IAG.LN codetype djn why occur source FACTIVA code iag_ln name IAG.LN significance passing fcode IAG.LN onlinesignificance passing-mention djn IAG.MC djn|IAG.MC codetype djn why occur source FACTIVA code iag_mc name IAG.MC significance passing fcode IAG.MC onlinesignificance passing-mention djn ICAGY djn|ICAGY codetype djn why occur source FACTIVA code icagy name ICAGY significance passing fcode ICAGY onlinesignificance passing-mention djn BA djn|BA codetype djn why occur source FACTIVA code ba name BA significance passing fcode BA onlinesignificance passing-mention djn GE djn|GE codetype djn why occur source FACTIVA code ge name GE significance passing fcode GE onlinesignificance passing-mention djn N/STK djn|N/STK codetype djn why about source FACTIVA code n_stk name N/STK significance prominent fcode N/STK onlinesignificance prominent djn N/PFM djn|N/PFM codetype djn name N/PFM why lineage source FACTIVA code n_pfm fcode N/PFM djn N/CNW djn|N/CNW codetype djn name N/CNW why lineage source FACTIVA code n_cnw fcode N/CNW djn N/MKT djn|N/MKT codetype djn name N/MKT why lineage source FACTIVA code n_mkt fcode N/MKT djn R/US djn|R/US codetype djn why about source FACTIVA code r_us name R/US significance prominent fcode R/US onlinesignificance prominent djn R/NME djn|R/NME codetype djn name R/NME why lineage source FACTIVA code r_nme fcode R/NME first_publish_headline Global Equities Mixed Ahead of GDP, Fed Meeting and Big Earnings first_publish_headline|Global Equities Mixed Ahead of GDP, Fed Meeting and Big Earnings flow Barrons.com flow|Barrons.com codetype FLOW name Barrons.com source MANUAL value Barrons.com code online status modified name Online title Product code Barrons.com flow Barrons Blogs flow|Barrons Blogs codetype FLOW source MANUAL title Product code Barrons_Blogs name Barrons Blogs value Barrons Blogs status modified future U.S. crude prices future|U.S. crude prices codetype future displayname U.S. crude prices extractedtext U.S. crude prices source MANUAL code u_s_crude_prices name U.S. crude prices significance prominent status modified onlinesignificance passing-mention headline U.S. Stocks Are Climbing on Good News About a Coronavirus Treatment headline|U.S. Stocks Are Climbing on Good News About a Coronavirus Treatment id facebook id|facebook news_tab_url https://www.barrons.com/articles/global-equities-mixed-on-a-busy-day-for-data-earnings-and-the-fed-51588155147 in iphvir in|iphvir codetype in why about source FACTIVA code iphvir name Antivirals significance prominent fcode iphvir onlinesignificance prominent in i257 in|i257 codetype in name Pharmaceuticals why lineage source FACTIVA code i257 fcode i257 in i951 in|i951 codetype in name Health Care/Life Sciences why lineage source FACTIVA code i951 fcode i951 in idrugty in|idrugty codetype in name Specialized Drugs/Medications why lineage source FACTIVA code idrugty fcode idrugty index Stoxx Europe 600 index index|Stoxx Europe 600 index symbol XX:SXXP country XX codetype index displayname STOXX Europe 600 Index extractedtext Stoxx Europe 600 index source MANUAL code xx_sxxp name Stoxx Europe 600 index significance prominent exchange STOXX exchangeisocode XSTX chartingsymbol INDEX/XX/XSTX/SXXP status modified onlinesignificance prominent index FTSE 100 index index|FTSE 100 index symbol UK:UKX country UK codetype index displayname FTSE 100 Index extractedtext FTSE 100 index source MANUAL code uk_ukx name FTSE 100 index significance prominent exchange FTSE UK exchangeisocode FTSE UK chartingsymbol INDEX/UK/FTSE UK/UKX status modified onlinesignificance prominent index Dow Jones Industrial Average index|Dow Jones Industrial Average symbol DJIA country US codetype index displayname Dow Jones Industrial Average extractedtext Dow Jones Industrial Average source MANUAL code djia name Dow Jones Industrial Average significance prominent exchange Dow Jones Global exchangeisocode DOW JONES GLOBAL chartingsymbol INDEX/US/DOW JONES GLOBAL/DJIA status modified onlinesignificance prominent index S&P 500 index|S&P 500 symbol SPX country US codetype index displayname S&P 500 Index extractedtext S&P 500 source MANUAL code spx name S&P 500 significance prominent exchange S&P US exchangeisocode S&P US chartingsymbol INDEX/US/S&P US/SPX status modified onlinesignificance prominent index Nasdaq-100 index|Nasdaq-100 codetype index displayname Nasdaq-100 extractedtext Nasdaq-100 source MANUAL code nasdaq_100 name Nasdaq-100 significance prominent status modified onlinesignificance prominent index International Consolidated Airlines Group index|International Consolidated Airlines Group codetype index displayname International Consolidated Airlines Group extractedtext International Consolidated Airlines Group source MANUAL code international_consolidated_airlines_group name International Consolidated Airlines Group significance prominent status modified onlinesignificance passing-mention inset inset-1 inset|inset-1 responsive layout wrap media media-23 media|media-23 responsive layout wrap media media-22 media|media-22 responsive layout inline media media-1 media|media-1 media media-2 media|media-2 media media-3 media|media-3 media media-4 media|media-4 media media-5 media|media-5 media media-6 media|media-6 media media-7 media|media-7 media media-8 media|media-8 media media-9 media|media-9 media media-10 media|media-10 media media-11 media|media-11 media media-12 media|media-12 media media-13 media|media-13 media media-14 media|media-14 media media-15 media|media-15 media media-16 media|media-16 media media-17 media|media-17 media media-18 media|media-18 media media-19 media|media-19 media media-20 media|media-20 media media-21 media|media-21 ns ecat ns|ecat significance prominent name Economic News why about source FACTIVA fcode ecat codetype ns code ecat onlinesignificance prominent ns gsars ns|gsars codetype ns why about source FACTIVA code gsars name Novel Coronaviruses significance prominent fcode gsars onlinesignificance prominent ns gout ns|gout codetype ns why about source FACTIVA code gout name Outbreaks/Epidemics significance prominent fcode gout onlinesignificance prominent ns cstdr ns|cstdr codetype ns why about source FACTIVA code cstdr name Stock Trading Disruptions significance prominent fcode cstdr onlinesignificance prominent ns c1522 ns|c1522 codetype ns name Share Price Movement/Disruptions why lineage source FACTIVA code c1522 fcode c1522 ns cactio ns|cactio codetype ns name Corporate Actions why lineage source FACTIVA code cactio fcode cactio ns gcat ns|gcat codetype ns name Political/General News why lineage source FACTIVA code gcat fcode gcat ns gcold ns|gcold codetype ns name Respiratory Tract Diseases why lineage source FACTIVA code gcold fcode gcold ns ghea ns|ghea codetype ns name Health why lineage source FACTIVA code ghea fcode ghea ns gmed ns|gmed codetype ns name Medical Conditions why lineage source FACTIVA code gmed fcode gmed ns gspox ns|gspox codetype ns name Infectious Diseases why lineage source FACTIVA code gspox fcode gspox ns m11 ns|m11 codetype ns why about source FACTIVA code m11 name Equity Markets significance prominent fcode m11 onlinesignificance prominent ns c15 ns|c15 codetype ns name Financial Performance why lineage source FACTIVA code c15 fcode c15 ns ccat ns|ccat codetype ns name Corporate/Industrial News why lineage source FACTIVA code ccat fcode ccat ns mcat ns|mcat codetype ns name Commodity/Financial Market News why lineage source FACTIVA code mcat fcode mcat ns ncat ns|ncat codetype ns why lineage source FACTIVA code ncat name Content Types internalsymbol true fcode ncat ns nfact ns|nfact codetype ns why lineage source FACTIVA code nfact name Factiva Filters internalsymbol true fcode nfact ns nfce ns|nfce codetype ns why lineage source FACTIVA code nfce name C&E Exclusion Filter internalsymbol true fcode nfce ns nfcpin ns|nfcpin codetype ns why lineage source FACTIVA code nfcpin name C&E Industry News Filter internalsymbol true fcode nfcpin nwchain SB506840141426490640607045863528837507335421 nwchain|SB506840141426490640607045863528837507335421 pe 121399021 pe|121399021 lastname Fauci codetype pe displayname Fauci, Anthony confidence 100 why occur extractedtext Dr. Anthony Fauci source FACTIVA code 121399021 relevance 50 name Dr. Anthony Fauci significance passing firstname Anthony nameformat surname_first confidencerange high relevancerange low fcode 121399021 onlinesignificance passing-mention pe 177705176 pe|177705176 lastname Haskett codetype pe displayname Haskett, Gordon confidence 91 why occur extractedtext Gordon Haskett source FACTIVA code 177705176 relevance 50 name Gordon Haskett significance passing firstname Gordon nameformat surname_first confidencerange high relevancerange low fcode 177705176 onlinesignificance passing-mention pe Piper Sandler pe|Piper Sandler lastname Sandler codetype pe displayname Sandler, Piper extractedtext Piper Sandler source FACTIVA code piper_sandler name Piper Sandler firstname Piper nameformat surname_first pe 121682054 pe|121682054 codetype pe displayname Jerome Powell confidence 91 why occur extractedtext Jerome Powell source FACTIVA code 121682054 relevance 50 name Jerome Powell significance passing nameformat surname_first confidencerange high relevancerange low fcode 121682054 onlinesignificance passing-mention re china re|china codetype re why about source FACTIVA subcat cntry code china name China significance prominent fcode china onlinesignificance prominent re apacz re|apacz codetype re why lineage source FACTIVA subcat snr code apacz name Asia Pacific fcode apacz re asiaz re|asiaz codetype re why lineage source FACTIVA subcat snr code asiaz name Asia fcode asiaz re bric re|bric codetype re why lineage source FACTIVA subcat eco code bric name BRICS Countries fcode bric re chinaz re|chinaz codetype re why lineage source FACTIVA subcat sc code chinaz name Greater China fcode chinaz re devgcoz re|devgcoz codetype re why lineage source FACTIVA subcat eco code devgcoz name Emerging Market Countries fcode devgcoz re dvpcoz re|dvpcoz codetype re why lineage source FACTIVA subcat eco code dvpcoz name Developing Economies fcode dvpcoz re easiaz re|easiaz codetype re why lineage source FACTIVA subcat sc code easiaz name Eastern Asia fcode easiaz re usa re|usa codetype re why about source FACTIVA subcat cntry code usa name United States significance prominent fcode usa onlinesignificance prominent re namz re|namz codetype re why lineage source FACTIVA subcat snr code namz name North America fcode namz relay SYND relay|SYND codetype RELAY name Syndication source EXPANDER value SYND code synd status modified statistic CODES_REVIEWED statistic|CODES_REVIEWED name CODES_REVIEWED value CODES_REVIEWED codetype STATISTIC code CODES_REVIEWED subject OAMK subject|OAMK codetype SUBJECT description 04|Markets|Asia Mkts News source EXPANDER value OAMK code oamk subject BARMKTS subject|BARMKTS codetype SUBJECT selectable true title Markets code BARMKTS name Markets canbedisplaysubject true ruleid BARMKTS value BARMKTS status modified subject BARUS subject|BARUS codetype SUBJECT title US code BARUS name US canbedisplaysubject true ruleid BARUS value BARUS status modified subject BAREUROPE subject|BAREUROPE codetype SUBJECT title Europe code BAREUROPE name Europe canbedisplaysubject true ruleid BAREUROPE value BAREUROPE status modified subject BARINDTECH subject|BARINDTECH codetype SUBJECT title Technology code BARINDTECH name Technology canbedisplaysubject true ruleid BARINDTECH value BARINDTECH status modified subject BARTRANSP subject|BARTRANSP codetype SUBJECT title Transportation code BARTRANSP name Transportation canbedisplaysubject true ruleid BARTRANSP value BARTRANSP status modified subject BARCONSUMER subject|BARCONSUMER codetype SUBJECT title Consumer code BARCONSUMER name Consumer canbedisplaysubject true ruleid BARCONSUMER value BARCONSUMER status modified subject BARFINANCIALS subject|BARFINANCIALS codetype SUBJECT title Financials code BARFINANCIALS name Financials canbedisplaysubject true ruleid BARFINANCIALS value BARFINANCIALS status modified subject BARINDUSTRIALS subject|BARINDUSTRIALS codetype SUBJECT title Industrials code BARINDUSTRIALS name Industrials canbedisplaysubject true ruleid BARINDUSTRIALS value BARINDUSTRIALS status modified subject BARMKTNOW subject|BARMKTNOW codetype SUBJECT title Markets Now code BARMKTNOW name Markets Now ruleid BARMKTNOW value BARMKTNOW canbedisplaybrand true status modified wordcount 1265 wordcount|1265 Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images U.S. Stocks Are Climbing on Good News About a Coronavirus Treatment U.S. Stocks Are Climbing on Good News About a Coronavirus Treatment U.S. Stocks Jump on Gilead News About a Coronavirus Treatment

The outcome of a Fed meeting, data expected to show a sharp drop in U.S. growth and big earnings news are on tap for investors on Wednesday.

U.S. Stocks Jump on Good News About a Virus Treatment

The main U.S. stock indexes gained despite a bigger-than-expected drop in gross domestic product.

https://www.barrons.com/articles/fed-affirms-focus-on-nursing-economy-back-to-health-51588185813 https://www.barrons.com/articles/coronavirus-early-economic-toll-is-worse-than-we-thought-what-to-make-of-u-s-gdps-4-8-decline-51588166847 https://www.barrons.com/articles/coronavirus-news-updates-51588166709 https://www.barrons.com/articles/boeing-stock-earnings-preview-51588083937?mod=hp_LATEST https://www.ge.com/investor-relations/sites/default/files/ge_webcast_pressrelease_04292020.pdf https://www.barrons.com/articles/alphabet-stock-rises-despite-first-quarter-earnings-miss-revenue-rose-13-51588106460?mod=hp_LATEST mailto:bkollmeyer@marketwatch.com mailto:carleton.english@dowjones.com U.S. Stocks Are Climbing on Good News About a Coronavirus Treatment By Barbara Kollmeyer, Nicholas Jasinski and Carleton English Getty Images A deserted Great Hall at Union Station in Chicago on Tuesday.

U.S. stocks surged on Wednesday as investors welcomed upbeat news about a potential treatment for coronavirus, shrugged off figures showing gross domestic product fell more than expected during the first quarter, and absorbed commentary from Federal Reserve Chairman Jerome Powell about the economy and the central bank’s plans.

The Dow Jones Industrial Average closed up 532 points, or 2.2%, after rising gradually through the day. The S&P 500 and Nasdaq Composite gained 2.7% and 3.6%, respectively.

Trading in shares of Gilead Sciences (ticker: GILD) was halted as the company said remdesivir, its antiviral drug, met its primary goal in a government trial. Although the result is far from definitive and the drug is even farther from being fully licensed or available at scale, it is a positive step nonetheless. Gilead stock closed up 5.7% after trading resumed in the morning.

“Remdesivir has a clear cut, significant positive effect in diminishing the time to recovery,” Dr. Anthony Fauci, the head of the National Institute of Allergy and Infectious Diseases said on Wednesday at the White House. “What it has proven is that a drug can block this virus.”

The market has been sensitive to news about remdesivir. Last week, the Dow erased a 400-point gain because the World Health Organization accidentally released information about a trial of the treatment in China that cast doubt on its efficacy, while the market roared higher in mid-April as a report raised hopes about the drug.

The positive remdesivir news outweighed a worse-than-forecast first-quarter U.S. GDP data release by the Bureau of Economic Analysis. The U.S. economy shrank at a 4.8% annualized rate in the first three months of the year, compared with the 3.5% economists had expected.

At a virtual press conference in the afternoon, Fed chair Powell said that the Federal Open Market Committee wasn’t announcing any new policy moves on Wednesday, but that it is prepared to act more if needed.

“We’re not going to be in any hurry to lift off these measures,” Powell said, referring to the Fed’s near-zero interest rate target and massive bond-buying programs. “We’ll wait until we’re confident that the economy is on the road to recovery.”

The Fed in recent weeks has taken aggressive measures to stabilize the economy during the coronavirus pandemic, including dropping interest rates and aggressively buying bonds. That support has helped the Dow, S&P, and Nasdaq rally consistently since late March.

The Russell 2000 also continued to rip higher on Wednesday, closing up 4.9%. It was the sixth-straight session of at least 1% gains for the small-cap index.

The Russell’s big rally has to do with investor optimism about the reopening of the U.S. economy. Several states have begun the gradual process of allowing nonessential businesses to operate and people to leave their homes. Small caps in general are domestically focused businesses that are particularly sensitive to the health of the broader economy. They also tend to have tighter profit margins than big companies.

So resuming economic activity makes a significant difference for them, and recent steps in that direction have sent their shares soaring.

Read More

Fed Chief Vows a Long-Term, Robust Response to Nurse Economy Back to Health GDP Fell Even More Than Expected Virus Update: Fauci Says Gilead Drug Has ‘Significant Positive Effect’ on Recovery

Stocks rose overseas as well. Asian markets ticked up on Wednesday: China’s Shanghai Composite closed up 0.4%, Hong Kong’s Hang Seng climbed 0.3%, and South Korea’s Kospi Composite gained 0.7%. Markets in Japan were closed on Wednesday.

In Europe, the Stoxx Europe 600 index closed 1.7% higher, as the German DAX jumped 2.9%, the French CAC 40 added 2.2% and the FTSE 100 index rose 2.6%, boosted in part by gains for big oil companies.

The price of oil continues to swing wildly. West Texas Intermediate, the U.S. benchmark was up 26.5% to $15.06. Brent crude oil, the price used globally, settled up 10.2% at $22.54.

Haven assets were mixed. The price of gold added 0.4% to $1,728.80 an ounce. The yield on the 10-year U.S. Treasury note reversed an earlier loss to rise just under 2 basis points, or hundredths of a percentage point, to 0.625%, as the price of the securities fell. The U.S. Dollar Index (DXY)—which measures the greenback against a basket of other currencies—lost 0.4%.

The Cboe Volatility Index, or VIX, fell over 6% on Wednesday, to just above 31 points. It’s the lowest the index has gone since late February and marks a significant drop from a string of closes in the 70s and 80s in March. Still, it is more than double the levels in the low teens where the VIX began the year.

Individual stocks are moving in response to the latest news about corporate earnings.

Boeing (BA) shares jumped 6% after reporting a wider-than-expected loss during the first quarter. Losses totaled $641 million or $1.70 a share, steeper than the $1.61 analysts expected. The company said its results were “significantly impacted” by the grounding of the 737 MAX and Covid-19. Boeing tried to assure investors that it has “sufficient liquidity” to fund operations.

General Electric (GE) shares fell 3.1% after reporting first-quarter profits that fell just short of Wall Street projections. The Street expected earnings of 8 cents a share, GE delivered earnings of 5 cents a share. GE said a “dramatic decline” in commercial aerospace hurt its first-quarter results.

Alphabet (GOOGL) shares were up 8.9% after the company, Google’s parent, reported its results late on Tuesday. The company said first-quarter revenue rose 13%, but it also acknowledged a drop in ad revenues in March as many businesses were forced to shut. Management said it expects the second quarter to be difficult for advertising.

Other shares were responding to rating changes. Walmart (WMT) declined 3.4% after getting cut to Accumulate at Gordon Haskett. Hormel (HRL) fell 0.3% after getting cut to Neutral from Overweight at Piper Sandler.

In Europe, airlines were in focus, with shares of British Airways parent International Consolidated Airlines Group tumbling close to 8%, then recovering to a 5.7% gain, after the airline said late Tuesday it would cut up to 12,000 jobs. IAG said it had begun a restructuring and redundancy plan as it expects the “recovery of passenger demand to 2019 levels will take several years.”

Spain and France announced plans on Tuesday to slowly come out of lockdowns, though air travel could be one of the last areas to recover from the pandemic as countries struggle to get reliable testing systems going.

Write to Barbara Kollmeyer at bkollmeyer@marketwatch.com and Carleton English at carleton.english@dowjones.com

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.