CORRECTED-US STOCKS-Wall St climbs as Gilead data offsets virus fears; Nasdaq hits another record high close

Reuters

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.

 (Corrects Nasdaq's close to 10,617.44)
    * Gilead analysis shows remdesivir reduced coronavirus death
risk
    * Carnival rises on plan to resume trips in phases
    * Netflix rises after Goldman Sachs PT raise

    By Caroline Valetkevitch
    July 10 (Reuters) - U.S. stocks rose on Friday and the
Nasdaq posted its sixth record closing high in seven days as a
positive analysis on Gilead Sciences Inc's antiviral drug to
treat COVID-19 soothed investor worries over a record rise in
coronavirus cases in the United States.
    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
    Gilead's  GILD.O  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 climbed as it said the finding required confirmation in
clinical trials.  urn:newsml:reuters.com:*:nL4N2EH2TR
    "That kind of dampened some of the concern that's been
building over the past few days around the increased virus cases
in the southern states," said Charlie Ripley, senior investment
strategist for Allianz Investment Management in Minneapolis.
    Although the Nasdaq recorded another record closing high, it
underperformed the Dow and S&P 500, in a reversal of the recent
trend.
    "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.
    Unofficially, the Dow Jones Industrial Average  .DJI  rose
368.66 points, or 1.43%, to 26,074.75, the S&P 500  .SPX  gained
32.87 points, or 1.04%, to 3,184.92 and the Nasdaq Composite
 .IXIC  added 69.69 points, or 0.66%, to 10,617.44.
    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 is up more than 40% from its March bottom.
    Carnival Corp  CCL.N  jumped 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 after Goldman Sachs hiked its
price target on the video streaming service's shares.

 (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))

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.