UAA - S&P 500 Up 34 Points on Coronavirus Treatment Hopes; Airline Cruise Retail Stocks Surge
The S&P 500 Index (SNPINDEX: ^GSPC) gained 34 points, a solid 1% move higher, on August 24, following news that a potential coronavirus vaccine could get an authorization from the U.S. Food and Drug Administration (FDA) as soon as October. Reports suggest that a vaccine developed by Oxford University and AstraZeneca (NYSE: AZN) could be awarded an emergency use authorization (EUA), even as it has only just begun phase 3 clinical trials.
As a result, investors piled into shares of airline, cruise line, and retail stocks, with American Airlines (NASDAQ: AAL), United Airlines (NASDAQ: UAL), and Carnival (NYSE: CCL) up 10%, and retailers Kohl's Corp (NYSE: KSS), Gap Inc (NYSE: GPS), and V.F. Corp up 7% or more.
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