Wall Street rallies as optimism returnsSaturday, July 11, 2020
NEW YORK (AP) — Optimism returned to Wall Street on Friday (July 10), and stocks rallied to cap a shaky week dogged by worries that rising coronavirus counts may halt the economy's recent upswing.
The S&P 500 climbed one per cent and the biggest gains came from cruise ship operators, airlines, banks and other companies that most need the economy to continue to reopen and strengthen.
The Dow Jones Industrial Average rose 369.21 points, or 1.4 per cent, to 26,075.30. The Nasdaq composite added 69.69, or 0.7 per cent, to reach 10,617.44, a new high.
The S&P 500 rose 32.99 to 3,185.04.
Analysts said an encouraging report from Gilead Sciences about its investigational treatment of COVID- 19, Remdesivir, helped drive Friday's rebound.
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