· Dow jumps 700 points on hope for a coronavirus treatment, closes at highest level since March
Stocks surged on Friday after a report said a Gilead Sciences drug showed some effectiveness in treating the coronavirus, giving investors some hope there could be a treatment solution that helps the country reopen faster from the widespread shutdowns that have plunged the economy into a recession.
The Dow Jones Industrial Average rallied 704.81 points, or 3%, to 24,242.49. It was the Dow’s first close above 24,000 since March 10. The S&P 500 closed 2.7% higher, at 2,874.56 while the Nasdaq Composite advanced 1.4% to 8,650.14. (Click here for the latest market news.)
Boeing shares jumped 14.7% after the airplane maker said it would resume production in the Seattle area as early as April 20. The company also said Friday it would resume operations in the Philadelphia area.
· Dow futures fall more than 100 points as Wall Street takes a breather after last week’s gains
U.S. stock futures traded lower on Sunday night as investors weigh the latest news on the coronavirus front along with another decline in crude prices.
Dow Jones Industrial Average futures slid 180 points, or 0.8%. S&P 500 and Nasdaq 100 futures dipped more than 0.6% each.
Stock futures followed oil prices lower in early trading. The May contract for West Texas Intermediate dropped more than 5% to $17.22 per barrel amid a bleak demand outlook. WTI’s June contract slid over 2% to $24.42 per barrel.
· European markets close higher on coronavirus drug hopes, lockdown pullbacks
European stocks closed higher on Friday after a report that a drug developed by Gilead Sciences was showing effectiveness in treating the coronavirus.
The pan-European Stoxx 600 provisionally closed 2.4% higher, with travel and leisure stocks surging over 6% to lead gains as all sectors and major bourses traded in positive territory.
Global stock markets rallied after STAT news reported that a Chicago hospital treating coronavirus patients with Remdesivir in a trial were recovering rapidly from severe symptoms.
Meanwhile, countries around the world including the U.S. and Germany, Europe’s largest economy, are beginning to implement plans to lift lockdown measures as the rate of new cases declines.
· Asia Pacific stocks slip ahead of China’s loan prime rates release; US crude plummets
Asia Pacific stocks slipped in Monday morning trade as investors awaited the release of China’s benchmark lending rate.
The Nikkei 225 in Japan fell 1.29% in early trade while the Topix index shed 0.56%. Over in South Korea, the Kospi dipped 0.12%.
In Australia, the S&P/ASX 200 was 0.41% lower.
Overall, the MSCI Asia ex-Japan index traded 0.18% lower.
The moves came as investors awaited the release of China’s loan prime rate, set to be out around 9:30 a.m. HK/SIN, with a cut expected by traders and analysts surveyed by Reuters.
Reference: Reuters, CNBC
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