Wall St climbs as Gilead data offsets virus fears – The Australian Financial Review

“We’re seeing I think some rotation from winners into the laggards here today. And we’ve seen that gap widen quite a bit between the leaders and laggards over the last week, so I think it makes sense there’s a little profit-taking in that trade especially heading into earnings season,” said Rob Haworth, senior investment strategist at US Bank Wealth Management in Seattle.
Unofficially, the Dow Jones Industrial Average rose 368.66 points, or 1.4 per cent, to 26,074.75, the S&P 500 gained 32.87 points, or 1 per cent, to 3184.92 and the Nasdaq Composite added 69.69 points, or 0.7 per cent, to 10,617.44.
Bank of America, Citigroup, JPMorgan Chase & Co and Goldman Sachs rose ahead of their financial results next week, which would mark the onset of the second-quarter earnings season.
Overall profits for S&P 500 companies are expected to have fallen the most in the second quarter since the financial crisis, according to IBES data from Refinitiv.
A slate of economic data, including a record monthly payrolls addition, has pointed to a revival in business activity in June, fuelling the US stock market’s stimulus-driven rally.
The S&P 500 is up more than 40 per cent from its March bottom.
Carnival jumped 10.8 per cent after the cruise line operator said it was planning to resume operations in a phased manner and would operate with a smaller fleet on its return.
Netflix rose 8.1 per cent after Goldman Sachs hiked its price target on the video streaming service’s shares.
Tesla advanced 10.8 per cent to $US1544.65, extending a stellar run.
Reuters

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