May 26, 2020

May 26, 2020

Stocks moved higher to begin the week with the S&P 500 rising over 3,000 for the first time since early March. This comes as investors continue to be optimistic about the reopening of the economy and a vaccine breakthrough.

 

Dow Jones +530 at 24,995

S&P 500 +36 at 2,992

NASDAQ +16 at 9,340

 

The 10 Year Treasury closed up 4 basis points yielding 0.70%

Oil prices closed up $0.86 ending at $34.11 a barrel

Gold prices closed down $27 ending at $1,726 an ounce

 

In the days’ stock news:

  • Merck shares moved 1% higher after announcing its acquisition of Themis, a privately held company whose Covid-19 vaccine candidate is approaching human trials.
  • Novavax shares increased over 4% after the company said it has begun human trials of its Coivd-19 vaccine in Australia, with results expected in July. If the trials are successful, they will be expanded to the U.S.
  • Hertz filed for Chapter 11 bankruptcy protection after talks with creditors were unsuccessful. The car rental company’s business has been severely impacted by the pandemic.

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