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

Reuters

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    * 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
trials.  urn:newsml:reuters.com:*:nL4N2EH2TR
    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.  urn:newsml:reuters.com:*: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
Seattle.
     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.
 urn:newsml:reuters.com:*: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)
 ((caroline.valetkevitch@thomsonreuters.com; +1 646 223 6393;
Reuters Messaging:
caroline.valetkevitch.thomsonreuters.com@reuters.net))

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