Gilead’s Coronavirus Treatment Leads Market Optimism To Close The Week Higher – Daily Financial News Summary for Friday, July 10, 2020
The S&P 500 climbed 1.05% to 3,185.04. The Dow Jones Industrial Average gained 369.21 points, or 1.44%, to close this week at 26,075.30. The Nasdaq closed in the green and was up 0.66% to 10,617.44.
Optimistic news about remdesivir, a potential coronavirus treatment from Gilead Sciences, contributed to the rally in the markets despite a slow start in the morning. Gilead Sciences said of remdesivir that it “was associated with an improvement in clinical recovery and a 62 percent reduction in the risk of mortality compared with standard of care.”
Amazon also saw a 0.5% bump to put it at another record high price after Citi increased its target price to $3,550. Meanwhile, Netflix continued its record-breaking closes this week as it was up 8%
U.S Real Estate Blossoming amid Strong Industrial Warehouse Demand for E-Commerce
The real estate bubble was the catalyst behind the 2009 financial crisis. Fast forward, the global economy is on the cusp of yet another economic meltdown, fueled by the COVID-19 pandemic. Even as key sectors in the U.S economy continue to reel from the effects of COVID-19, real estate has emerged as a soft spot, doing exceedingly well amidst the challenges.
COVID-19 has changed the way people live as it continues to rattle key sectors of the global economy. The social distancing measures put in place to curb the spread of the virus has, to a great extent, changed the way people do shopping to the extent of reinvigorating the industrial real estate segment.
Shoppers are no longer flocking to brick and mortar stores for shopping. Shopping online and having the items delivered to consumer’s doorsteps is a trend that has increased in the U.S. With the change, e-commerce platforms are enjoying a booming business.
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