Redwood Capital Management Limited: Stocks jumps up due to news of potential Coronavirus Treatment

HONG KONG - July 17, 2020 - PRLog -- The news about the positive outcome of the coronavirus vaccine treatment from Gilead Sciences and the upcoming vaccine from BioNTech has boosted today's market trading.

According to Gilead, "[Remdesivir] was associated with an improvement in clinical recovery and a 62 percent reduction in the risk of mortality compared with standard of care." With this statement, GiLead shares jump up by 2%.

BioNTech on the other side also stated that the company's coronavirus vaccine might be ready for approbation by December which made their shares jump up by 4.75% leading S&P 500 gain a few points higher.

Here are the main movements on Stock Market this Friday;

Stocks

-        The Nasdaq Composite advanced yet again, grabbing another record high for the fourth time this week with 0.66% to 10,617.44.

-        The Dow Jones Industrial Average increased 369.21 points or 1.44% closing its price to 26,075.30.

-        The S&P 500 gained 1.05% closed to 3,185.04 on today's trading day.

Bonds Globally

-        The yield on the benchmark of 10-year Treasury note changes a few points at 0.599%.

-        The yield on the 30-year Treasury bond dipped about 2 basis points to 1.283%.

-        The yield on the 2-year Treasuries is down by 6 basis points to 0.149%.

-        Germany's 10-year yield declined one basis point to -0.47%.

-        Britain's 10-year yield declined one basis point to 0.15%.

Commodities

-        Gold quite fell a few points losing -0.26% to $1,798.72 an ounce.

-        West Texas Intermediate crude advanced with 2.35% higher to $40.55 per barrel.

-        Brent crude also increased around 2.10% higher to $43.24 a barrel.

Currencies Globally

-        U.S. Dollar Currency Index rallying at 0.05% higher to $96.56 per share.

-        The Japanese yen strengthened 0.3% to 106.93 per dollar.

-        The euro rose 0.1% to $1.1301.

-        The British pound rose 0.2% to $1.2629.

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