Nasdaq ends at record high as USA stocks finish solidly up

Marco Green
July 10, 2020

USA stocks opened flat on Friday on nerves over a record rise in coronavirus cases nationwide hurting Corporate America, while data indicating Gilead's antiviral drug showed improved clinical recovery in COVID-19 patients kept losses in check.

The Nasdaq notched an intraday record high yesterday but all the three main stock indexes finished lower as investors booked profits following a strong run on the back of upbeat economic data.

But a number of states have reported record deaths in recent days, raising fears that the trend is reversing.

A slate of economic data, including a record monthly payrolls addition, has pointed to a revival in business activity in June, fueling the USA stock market's stimulus-driven rally.

The S&P 500 has risen more than 40 percent from its March lows and stands about 7 percent below its record high hit in February.

US stocks had opened higher after data showed the number of Americans filing for jobless benefits dropped to a near four-month low last week, but a record 32.9 million people were collecting unemployment checks in the third week of June. S&P 500 e-minis were down 20.25 points, or 0.64 percent and Nasdaq 100 e-minis were down 48.5 points, or 0.45 percent.

Among the 11 major S&P 500 sectors, the Energy Index is up 1.6% boosted by a 1% increase in U.S. crude oil prices.

North American equity markets were mixed in early Thursday trading, with the S&P/TSX Composite Index and S&P 500 moving mostly sideways, the Dow Jones Industrial Average down 0.25 per cent and the Nasdaq Composite Index up 0.4 per cent. Gilead's shares rose 2%.

Declining issues outnumbered advancers for a 3.69-to-1 ratio on the NYSE and for a 2.78-to-1 ratio on the Nasdaq.

Other reports by Click Lancashire

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