Stocks have moved mostly higher over the course of the trading session on Friday, regaining ground following the decrease seen in the previous session.
Currently, the major averages are all in positive territory, although the Nasdaq is up just 9.26 points or 0.1 percent at 10,557.01. The Dow is up 178.54 points or 0.7 percent at 25,884.63 and the S&P 500 is up 13.48 points or 0.4 percent at 3,165.53.
The strength on Wall Street comes after Gilead Sciences (GILD) said remdesivir showed a sharp mortality risk drop when used to treat patients suffering of coronavirus.
Airline stocks have shown a substantial move to the upside on the day, driving the NYSE Arca Airline Index up y 4.2 percent The index is bouncing off its lowest closing level in over a month,
Significant strength has also emerged among banking stocks, as reflected by the 3.6 percent jump by the KBW Bank Index.
Steel, brokerage and oil service stocks are also seeing considerable strength, moving higher along with most of the other major sectors.
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Friday. Japan’s Nikkei 225 Index slumped by 1.1 percent, while China’s Shanghai Composite Index plunged by 2 percent.
Meanwhile, the major European markets moved to the upside on the day. While the German DAX Index surged up by 1.2 percent, the French CAC 40 Index jumped by 1 percent and the U.K.’s FTSE 100 Index advanced by 0.8 percent.
In the bond market, treasuries have moved lower over the course of the session after seeing initial strength. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 1.8 basis points at 0.623 percent.
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