· Stocks rise slightly, led by tech; Netflix hits record
Stocks rose slightly on Thursday, led by tech, as Wall Street grappled with more concerns over the coronavirus outbreak and dismal economic data. Tech got a lift as investors loaded up on stocks that benefit from more people staying home during the outbreak.
The Dow Jones Industrial Average closed 33.33 points higher, or 0.1%, at 23,537.68. The Dow was down more than 200 points earlier in the day. The S&P 500 gained 0.6% to close at 2,799.55 while the Nasdaq Composite advanced 1.7% to 8,532.36. The Nasdaq 100, which is composed of the 100 largest stocks in the composite, jumped nearly 2% and erased its 2020 losses.
· Dow futures rally 900 points after report says Gilead drug showing effectiveness against coronavirus
U.S. stock futures surged on Thursday night after a report said a Gilead Sciences drug was showing effectiveness in treating the coronavirus. The move pointed to a jump for the stock market on Friday.
Dow Jones Industrial Average futures were up 903 points, or about 3.9%. S&P 500 futures gained 3.4% while Nasdaq 100 futures were up by 2.6%.
Gilead shares jumped by 14% in after-hours trading after STAT news reported that a Chicago hospital treating coronavirus patients with Remdesivir in a trial were recovering rapidly from severe symptoms. The publication cited a video it obtained where the trial results were discussed.
Other studies have shown Remdesivir to be an effective treatment against the coronavirus. However, they have been smaller in scale.
· European markets close higher as some nations plan to ease virus lockdown measures
European markets closed higher on Thursday as some countries began plotting an exit from lockdown measures.
The pan-European Stoxx 600 closed 0.8% higher provisionally, with technology stocks adding 3% to lead the move higher, while oil and gas shed almost 2%.
An increasing number of European countries have cautiously started to ease restrictive measures on public life and businesses this week, and Germany is the latest to set out a road map for how it will reopen its economy. Smaller shops will be able to start reopening on April 20 and schools will reopen on May 4. Mass gatherings have been banned until Aug. 31, however.
· Japan jumps around 2% as Asia stocks rise; China’s GDP data ahead
Stocks in Asia rose in Friday morning trade as investors await the release of major Chinese economic data expected to be out ahead.
In Japan, the Nikkei 225 jumped 1.97% in early trade as shares of index heavyweights Fast Retailing and Softbank Group surged more than 3.5% each. The Topix index also gained 0.99%.
South Korea’s Kospi also saw robust gains as it surged 2.66% while the Kosdaq index added 1.44%.
Meanwhile, shares in Australia advanced, with the S&P/ASX 200 gaining 1.58%.
Overall, the MSCI Asia ex-Japan index traded 0.75% higher.
Reference: CNBC, Reuters
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