May 18, 2020

May 18, 2020

Stocks moved higher to begin the week as hopes of a successful coronavirus vaccine are gaining. In Economic news, the homebuilder sentiment bounced back in May, after a record plunge in April.

 

Dow Jones +912 at 24,597

S&P 500 +90 at 2,954

NASDAQ +220 at 9,235

 

The 10 Year Treasury closed up 10 basis points yielding 0.74%

Oil prices closed up $3.01 ending at $32.44 a barrel

Gold prices closed down $22 ending at $1,734 an ounce

 

In the days’ stock news:

  • Moderna shares hit record highs after the biotech company announced positive interim data from a phase 1 study of its COVID-19 vaccine. The company said its treatment was generally safe and well-tolerated across three different dose levels.
  • Uber and Grubhub continued merger talk over the weekend that would combine the two delivery services. Grubhub rejected Uber’s most recent offer saying it was too low.
  • Alphabet’s Google unit will be the target of likely antitrust lawsuits from the Justice Department and state attorneys general. The suits will focus on Google’s dominance in both the advertising business and in online search.
  • Tesla has zeroed in on two locations in Texas and Oklahoma as possible sites for a new factory. Tesla shares increased 2% today.

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