WFC - S&P 500 Shoots Up 33 Points: Banks Airlines and Cruise Line Stocks Brush Off Record COVID-19 Cases on Gilead Treatment Update
Despite the brutal economic conditions that still have much of the economy on the sidelines, and the resurgence of COVID-19 cases in recent weeks, some of the most beaten-down stocks are leading today's charge higher for the S&P 500 (SNPINDEX: ^GSPC). The index ended the week of July 10 up 32.9 points, or 1%, closing out a volatile week with a 1.7% gain.
Today's market gains were broad, and largely driven by an announcement from Gilead Sciences (NASDAQ: GILD) that a treatment for COVID-19 was showing positive results in phase 3 trials. This positive news was enough to offset another day of record new cases, and another surge in the number of deaths related to COVID-19 for the second straight day.
Three sectors that have had a tough year so far led the charge: cruise lines, airlines, and financial services and bank stocks. Another notable gainer for today was Netflix (NASDAQ: NFLX), which saw its stock surge 8% to yet another all-time high.