Stocks rose Monday, recovering after Friday’s losses, as market participants continued to closely monitor developments around President Donald Trump’s health.
The Dow gained more than 290 points, or about 1%, shortly after 9:30 a.m. in New York, to follow equities in Europe higher. Shares of Regeneron Pharmaceuticals (REGN) gained more than 5%, with Trump having received the company’s experimental antibody drug as part of his treatment.
The president remains at Walter Reed National Military Medical Center after first being taken to the hospital on Friday to be treated for Covid-19. White House physician Dr. Sean Conley said during a press conference Sunday that they had treated him with the steroid dexamethasone, which is typically used for more severe cases of Covid-19, and admitted that Trump had been given supplemental oxygen on Friday, after saying a day earlier that Trump had not been treated with oxygen.
Still, the president’s medical team has maintained an upbeat tone on the trajectory of Trump’s health. One of his doctors during the briefing also said the president could be released from the hospital as soon as Monday. Trump briefly left the hospital on Sunday to wave to supporters from his motorcade.
“We’re getting great reports from the doctors,” Trump said in a video posted to Twitter Sunday. “It’s a very interesting journey. I learned a lot about Covid.”
While uncertainties still remain over Trump’s recovery and skepticism lingers over the developments publicized by the White House, the blend of more positive comments around Trump’s health helped to diffuse some of markets’ anxiety from late last week.
Market participants also continue to closely eye updates around the election in light of Trump’s condition, and his at least temporary inability to campaign in the last few weeks leading up to Nov. 3. A new poll released Sunday by NBC News and the Wall Street Journal conducted after last week’s presidential debate, but before news emerged that Trump had tested positive for Covid-19, found that former Vice President Joe Biden was leading Trump 53% to 39% nationally among registered voters in the survey.
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9:30 a.m. ET: Stocks open higher, recovering Friday’s losses
Here were the main moves in markets, as of 9:30 a.m. ET:
S&P 500 (^GSPC): +23.51 points (+0.7%) to 3,371.95
Dow (^DJI): +209.89 points (+0.76%) to 27,892.7
Nasdaq (^IXIC): +99.18 points (+0.92%) to 11,178.01
Crude (CL=F): +$1.89 (+5.1%) to $38.94 a barrel
Gold (GC=F): +$5.60 (+0.29%) to $1,913.20 per ounce
10-year Treasury (^TNX): +4.3 bps to yield 0.737%
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8:20 a.m. ET: Regal Cinemas owner to temporarily suspend operations at all US, UK theaters, impacting 45,000 employees
Cineworld (CINE.L), the parent-company of Regal Cinemas, announced early Monday that the company would be temporarily suspending operations across its 536 Regal theaters in the US and 127 Cineworld and Picturehouse theaters in the UK starting on Thursday.
“As major US. markets, mainly New York, remained closed and without guidance on reopening timing, studios have been reluctant to release their pipeline of new films,” the company said in a statement. “In turn, without these new releases, Cineworld cannot provide customers in both the US and the UK – the company’s primary markets – with the breadth of strong commercial films necessary for them to consider coming back to theaters against the backdrop of COVID-19.”
The closures are expected to impact about 45,000 employees, the company added.
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7:18 a.m. ET Monday: Stock futures jump after doctors say Trump may leave hospital as soon as Monday
Here were the main moves in markets, as of 7:18 a.m. ET:
S&P 500 futures (ES=F): 3,366.00, up 26.75 points or 0.8%
Dow futures (YM=F): 27,794.00, up 229 points or 0.83%
Nasdaq futures (NQ=F): 11,359.00, up 125.75 points or 1.12%
Crude (CL=F): +$1.74 (+4.70%) to $38.79 a barrel
Gold (GC=F): -$3.30 (-0.17%) to $1,904.30 per ounce
10-year Treasury (^TNX): +2 bps to yield 0.714%
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https://news.google.com/__i/rss/rd/articles/CBMiVmh0dHBzOi8vY2EuZmluYW5jZS55YWhvby5jb20vbmV3cy9zdG9jay1tYXJrZXQtbmV3cy1saXZlLW9jdG9iZXItNS0yMDIwLTExMjEzODI2NS5odG1s0gFeaHR0cHM6Ly9jYS5maW5hbmNlLnlhaG9vLmNvbS9hbXBodG1sL25ld3Mvc3RvY2stbWFya2V0LW5ld3MtbGl2ZS1vY3RvYmVyLTUtMjAyMC0xMTIxMzgyNjUuaHRtbA?oc=5
2020-10-05 13:32:00Z
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