Stocks Lock in Weekly Wins, Nasdaq Captures More Highs

The Nasdaq surged to a record high just before the session's close

Emma Duncan

Managing Editor

Jul 10, 2020 at 4:32 PM

The Dow, S&P, and Nasdaq all rounded out both the day and week with gains, thanks to a lift from Gilead Sciences (GILD), after the pharmaceutical company said its COVID-19 treatment remdesivir showed a 62% reduction in death rates. The tech-heavy IXIC enjoyed its eighth gain in nine sessions, surging to yet another record high by the close, on the heels of a solid weekly performance from the tech sector. An unusual surge in cruise and airline stocks also helped lift sentiment, while a boost in Goldman Sachs (GS) shares sent the blue-chip index skyrocketing nearly 370 points by the close.

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The Dow Jones Industrial Average (DJI - 26,075.30) surged 369.2 points, or 1.4% for the day. JPMorgan Chase (JPM) rose to the top of the Dow, finishing 5.5% higher, while Microsoft (MSFT) fell to the bottom with a 0.3% loss. For the week, the blue-chip index added 1%.

Meanwhile, the S&P 500 Index (SPX - 3,185.04) tacked on 33 points, or 1.1% for the day. The Nasdaq Composite (IXIC - 10,617.44) gained 69.7 points, or 0.7% for today's session. For the week, the indexes added 1.8%, and 4%, respectively.

Meanwhile, the Cboe Volatility Index (VIX - 27.29) shed 2 points, or 6.7%, for the day, and 1.4% for the week.

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Citing the relationship as "severely damaged" from the COVID-19 pandemic, U.S. President Donald Trump said a phase 2 trade deal with China is not a priority. The president is still stacking blame on China for not containing the virus, and when questioned about the likelihood of the trade deal he said he had other things on his mind. (CNBC)
Notable economists are pressuring Congress to draft another coronavirus economic relief bill, specifically one that lasts through the pandemic's aftermath. Mark Zandi at Moody Analytics said the package should be at least $1.5 trillion. (MarketWatch)
Put volume ran rampant on this software giant.
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Retail stock lands rare bull note.

Corporate Earnings July 10

Unusual Options Activity July 10

Data courtesy of Trade-Alert

Gold Grabs Fifth Straight Weekly Win

Oil brushed off the rising COVID-19 case count and locked in a daily win, most likely in light of the upbeat vaccine news. August-dated crude tacked on 93 cents, or 2.4%, to settle at $40.55 a barrel for the day, but backpedaled 0.2% for the week.

Although it held above $1,800, gold fell for the day as investors grew hesitant about the increase in new coronavirus cases across the globe. Gold for August delivery fell $1.90, or 0.1%, to settle at $1,801.90 an ounce on the day, but rose 0.7% for the week.

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