Nasdaq grabs new record as stocks post weekly gains

Apple, Amazon and Netflix hit fresh records

U.S. equity markets rallied Friday, powered again by large-cap tech and positive developments in the race for a coronavirus vaccine after a study found an experimental treatment reduced death in patients.

The Nasdaq Composite, which pulled down its third straight record this week, was lifted by fresh highs in Apple, Amazon and Netflix.

Ticker Security Last Change Change %
I:COMP NASDAQ COMPOSITE INDEX 14506.896644 -386.86 -2.60%
AAPL APPLE INC. 169.86 -3.21 -1.85%
AMZN AMAZON.COM INC. 3,178.48 -64.28 -1.98%
NFLX NETFLIX INC. 510.80 -14.89 -2.83%

Meanwhile, the Dow Jones Industrial Average rose 369.07 points or 1.44 percent, while the S&P 500 added 1.05 percent.

For the week, all three major averages registered gains.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 35369.39 -542.42 -1.51%
SP500 S&P 500 4577.34 -85.51 -1.83%

In healthcare stocks, a Phase 3 study found Gilead Sciences Inc.'s experimental treatment remdesivir was associated with a 62 percent reduction in the risk of death in COVID-19 patients.

On the same front, BioNTech CEO Dr. Ugur Sahin told The Wall Street Journal his company’s experimental COVID-19 vaccine, being developed with Pfizer Inc., will be ready for regulatory approval by the end of the year.

Ticker Security Last Change Change %
GILD GILEAD SCIENCES INC. 70.43 -1.34 -1.87%
BNTX BIONTECH SE 169.23 -26.77 -13.66%
PFE PFIZER INC. 54.10 -0.84 -1.53%

In the auto sector, Tesla crossed the $1,500 level for the first time as speculators looked ahead to earnings season and the potential for another profitable quarter from the Elon Musk-led auto company.

Ticker Security Last Change Change %
TSLA TESLA INC. 1,030.52 -19.09 -1.82%

Elsewhere, Ford Motor Co. warned it may have to close U.S. plants as engine production based in Mexico has slowed due to disruptions from the COVID-19 pandemic.

Carnival Corp. lost $4.37 billion in the second quarter as COVID-19 kept ships docked and caused an 85 percent plunge in sales.

Ticker Security Last Change Change %
F FORD MOTOR CO. 24.39 -0.80 -3.16%
CCL CARNIVAL CORP. 21.98 -0.95 -4.16%

Oil majors ExxonMobil Corp., Chevron Corp. and Royal Dutch Shell Plc were on the move after the International Energy Agency raised its global oil demand forecast for the rest of the year to 92.1 million barrels per day, up 40,000 barrels, but warned the COVID-19 pandemic remains a risk.

Ticker Security Last Change Change %
XOM EXXON MOBIL CORP. 73.15 +1.30 +1.81%
CVX CHEVRON CORP. 129.53 +0.56 +0.43%
RDS.A ROYAL DUTCH SHELL PLC 50.94 +0.88 +1.76%

Meanwhile, West Texas Intermediate crude oil ended the week at $40.55 a barrel while gold slipped to $1,798.20 an ounce.

U.S. Treasurys were little changed with the yield on the 10-year note holding near 0.633 percent.

In Europe, Germany’s DAX was trading higher by 1.15 percent while Britain’s FTSE and France’s CAC were up 0.76 percent and 1.01 percent, respectively.

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Asian markets were lower across the board, with China’s Shanghai Composite pacing the decline, down 1.95 percent, after a report said a state fund was selling stocks. Meanwhile, Hong Kong’s Hang Seng slid 1.84 percent and Japan’s Nikkei lost 1.06 percent.