{"id":164777,"date":"2020-04-29T21:25:11","date_gmt":"2020-04-29T21:25:11","guid":{"rendered":"https:\/\/stockchase.com\/discover\/?p=164777"},"modified":"2020-04-29T23:27:42","modified_gmt":"2020-04-29T23:27:42","slug":"markets-rally-on-positive-drug-treatment-tests","status":"publish","type":"post","link":"https:\/\/stockchase.com\/discover\/markets-rally-on-positive-drug-treatment-tests\/","title":{"rendered":"Markets rally on positive drug treatment tests"},"content":{"rendered":"

Markets rallied Wednesday after hearing news of positive test results of Gilead<\/a>‘s remdesivir<\/a>‘s drug treatment COVID-19 patients. Though more testing is needed before remdesivir<\/a> can be used anywhere, the hopeful news lifted markets. Gildea stock spiked 5.7%. In fact, indices in Toronto and New York kept rising throughout the session, with the Nasdaq jumping 3.57% and the TSX rising 2.9%. A barrel of WTI soared 25% and WCS by 45%. Countries continue to plan gradual reopenings, but so are major retailers like Best Buy<\/a>, which announced it will allow customers<\/a> into selected stores by appointment.<\/p>\n

In Toronto, the risk-in sentiment propelled the energy sector over 13% higher, including Crescent Point<\/a> and Baytex<\/a>, which both surged more than 17%. Financials also rallied with all the big banks gaining, such as BMO<\/a> by 5%. Loblaw<\/a> released its quarterly report<\/a>, beating the street in profit, but warned that “unprecedented” demand has been moderating since late March when consumers were stockpiling goods in panic. Loblaw actually closed down 3.84%.<\/p>\n

On Wall Street, the optimism overshadowed news that that U.S. GDP plunged 4.8% in Q1, its biggest drop since 2008. Meanwhile, the U.S. Fed<\/a> held interest rates near zero. In a day of winners, one of the biggest was Google<\/a>, soaring 8.74% on a Q1 revenue<\/a> beat.<\/p>\n

🧫 Gilead Sciences Inc.<\/a> +5.70%
\n🛢 Crescent Point Energy Corp<\/a> +17%
\n🛢 Baytex Energy Corp<\/a> +17%
\n🏛 Bank of Montreal<\/a> +5%
\n🛒 Loblaw Companies Ltd<\/a> -3.84%
\n🅰 Alphabet Inc. \/ Google<\/a> +8.74%<\/p>\n","protected":false},"excerpt":{"rendered":"

Markets rallied Wednesday after hearing news of positive test results of Gilead‘s remdesivir‘s drug treatment COVID-19 patients. Though more testing is needed before remdesivir can be used anywhere, the hopeful news lifted markets. Gildea stock spiked 5.7%. In fact, indices […]<\/p>\n","protected":false},"author":12,"featured_media":345019,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"cwp_meta_box_check":"No","cwp_rev_product_name":"","cwp_rev_product_image":"","wppr_links":[],"cwp_rev_price":"","wppr_options":[],"wppr_pros":[],"wppr_cons":[],"footnotes":""},"categories":[178],"tags":[],"class_list":["post-164777","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily"],"wppr_data":{"cwp_meta_box_check":"No"},"_links":{"self":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/164777","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/comments?post=164777"}],"version-history":[{"count":0,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/164777\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/media\/345019"}],"wp:attachment":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/media?parent=164777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/categories?post=164777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/tags?post=164777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}