Nasdaq ends at record high as USA stocks finish solidly up

Daniel Fowler
July 11, 2020

The Nasdaq finished at another record on Wednesday (July 8) behind gains of large tech companies as investors continued to shrug off higher coronavirus cases and the hit to the economy.

"It's been a tug of war between investors that believe the data is getting incrementally and sequentially better, and investors concerned about the increase in case discoveries of COVID-19 and what that will be mean to the reopening plans of the economy", said Art Hogan, chief market strategist at National Securities.

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.

"We're seeing I think some rotation from winners into the laggards here today".

The Canadian dollar was flat against its American counterpart to trade at 74.01 cents U.S.

Stanford will cut 11 varsity sports programs in 2021
Stanford's 36 varsity sport offerings were the second-most in FBS, a model the school said was "not sustainable" financially. Stanford has one of the nation's largest athletics departments, sponsoring 36 varsity sports before Wednesday's cuts.

Bank of America Corp, Citigroup Inc, JPMorgan Chase & Co and Goldman Sachs rose ahead of their financial results next week, which would mark the onset of the second-quarter earnings season.

The benchmark S&P 500 is still up more than 40% from its March 23 closing low.

At the closing bell, the tech-rich Nasdaq Composite Index stood at 10,492.50 up 1.4 per cent, its fourth record in five sessions. The S&P 500 companies are expected to face a drop in profits by more than 40% compared to the previous year, which would be the biggest quarterly drop in profits since the financial crisis of 2008, according to data from IBES Refinitiv. Carnival is up 10% and United Airlines is up 9%.

Declining issues outnumbered advancing ones on the NYSE by a 2.56-to-1 ratio; on Nasdaq, a 2.19-to-1 ratio favored decliners.

The S&P index recorded nine new 52-week highs and no new low, while the Nasdaq recorded 48 new highs and 15 new lows.

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