Stocks maintained their strong gains by midday Wednesday.
The S&P 500 rose 0.56% by 12:15 EDT, with the Dow Jones Industrial Average up more than 1%. The tech-heavy Nasdaq, for once, wasn’t helping the gains much, up 0.3%. The 10-Year Treasury yield rose to 0.55% from 0.5%.
Johnson and Johnson (JNJ) - Get Free Report has a $1 billion funding deal with the U.S. government to produce 100 million doses of a coronavirus vaccine, which has worked with monkeys so far. The stock rose 0.5%.
Also, the U.S. and China will hold trade talks August 15, a developments most did not expect. The two sides will discuss the phase one trade deal and beyond.
Here were the 5 biggest gainers on the Dow as of 12:15:
- Raytheon undefined: +2%
These are mostly cyclical stocks, with the exception of some portion of Raytheon’s business. Risk sentiment was incredibly strong Wednesday. Disney’s stock popped after the company said it will offer the movie “Mulan” to streaming subscribers for an additional $30. The movie release has been delayed in theaters. Disney also beat on earnings estimates, due to lower-than-expected costs at ESPN and other operating cost items.
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