US STOCKS-Wall St gains as Gilead data offsets virus fears; Dow leads gains


Warning: This material has been prepared by a third party company, Reuters, which is independent of Davy. Davy has not reviewed the material and accepts no responsibility for errors or omissions, or for the information or opinions contained therein. It does not constitute investment advice.

 (For a live blog on the U.S. stock market, click  LIVE/  or
type LIVE/ in a news window.)
    * Carnival rises on plan to resume trips in phases
    * Netflix rises after Goldman Sachs PT raise
    * Dow rises 1.2%, S&P 500 up 0.8%, Nasdaq up 0.2%

 (Updates to late afternoon)
    By Caroline Valetkevitch
    July 10 (Reuters) - U.S. stocks rose on Friday as a positive
update from Gilead Sciences Inc's  GILD.O  antiviral drug to
treat COVID-19 countered nerves over a record rise in
coronavirus cases in the United States that threatens to further
impact companies.
    Gilead's remdesivir significantly improved clinical recovery
and reduced the risk of death in COVID-19 patients, additional
data from a late-stage study showed. The drugmaker's shares rose
2.3% as it said the finding required confirmation in clinical
    The United States registered the largest single-day increase
in new COVID-19 infections globally for the second day in a row
on Thursday, forcing Americans to take new precautions. Several
states have already backpedaled on reopening plans.*:nL1N2EG13N
    In a reversal of the recent trend, the Dow and S&P 500 were
sharply outperforming the Nasdaq, which on Thursday registered
its fifth record closing high in six days.
    "We're seeing I think some rotation from winners into the
laggards here today. And we've seen that gap widen quite a bit
between the leaders and laggards over the last week, so I think
it makes sense there's a little profit-taking in that trade
especially heading into earnings season," said Rob Haworth,
senior investment strategist at U.S. Bank Wealth Management in
     Bank of America Corp  BAC.N , Citigroup Inc  C.N , JPMorgan
Chase & Co  JPM.N  and Goldman Sachs  GS.N  rose ahead of their
financial results next week, which would mark the onset of the
second-quarter earnings season.
     Overall profits for S&P 500 companies are expected to have
fallen the most in the second quarter since the financial
crisis, according to IBES data from Refinitiv.
    A slate of economic data, including a record monthly
payrolls addition, has pointed to a revival in business activity
in June, fueling the U.S. stock market's stimulus-driven rally.
    The S&P 500 has risen more than 40% from its March lows and
stands about 8% below its record high hit in February.
    The Dow Jones Industrial Average  .DJI  rose 312.93 points,
or 1.22%, to 26,019.02, the S&P 500  .SPX  gained 24.59 points,
or 0.78%, to 3,176.64 and the Nasdaq Composite  .IXIC  added
25.62 points, or 0.24%, to 10,573.37.
    Carnival Corp  CCL.N  jumped 10.2% after the cruise line
operator said it was planning to resume operations in a phased
manner and would operate with a smaller fleet on its return.*:nL4N2EH2XM
    Netflix Inc  NFLX.O  rose 7.6% after Goldman Sachs hiked its
price target on the video streaming service's shares.
    Advancing issues outnumbered declining ones on the NYSE by a
2.37-to-1 ratio; on Nasdaq, a 1.30-to-1 ratio favored advancers.
    The S&P 500 posted 17 new 52-week highs and no new lows; the
Nasdaq Composite recorded 80 new highs and 17 new lows.  

 (Additional reporting by Medha Singh and C Nivedita in
Bengaluru; Editing by Marguerita Choy and Maju Samuel)
 ((; +1 646 223 6393;
Reuters Messaging:

Warning: This content may be provided by regulated and unregulated entities and is not created, reviewed or endorsed by Davy. It is provided for general information purposes only and does not constitute a recommendation or solicitation to purchase or sell any security or make any other type of investment or investment decision. Importantly, it does not constitute investment advice, as it does not contemplate the personal circumstances of any particular person or group of persons. Neither Davy nor the providers of the Third Party Content will be liable for any investment decision made based on the reliance on or use of such data, or any liability that may arise due to delays or interruptions in the delivery of the Third Party Content for any reason.