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Author: Alan Little Date: July 16, 2020

S&P 500 Index increases to highest level in five months

The S&P 500 Index (SPX) increased to its highest level in five months on Wednesday, reaching 3,238 after reports revived hopes surrounding the development of a vaccine for the coronavirus.

The SPX increased to as much as 3,225, a rise of 0.88%, as a result of the news.  Earlier on Wednesday, Moderna announced that it had gotten a robust response by the immune system to its experimental vaccine for COVID-19.

The company revealed that a late-stage trial with as many as 30,000 participants is to begin later in July.

The political editor of ITV News, Robert Peston, reported that scientists developing a coronavirus vaccine at Oxford University have received encouraging results.  Stocks in cruise liners began to rise sharply yesterday, having suffered serious losses during the stock market selloff because of the COVID-19 crisis.

Shares in both Norwegian Cruise Line Holdings Ltd (NCLH) and Royal Caribbean Cruises Ltd (RCL) increased by over 20%, and there was also a rise of as much as 16.2% for shares in Carnival Corp (CCL).  However, the bad news was that shares in Bank of New York Mellon Corp (BK) were actually down on the same day by as much as 5.23%, falling to $36.93 and being Wednesday’s worst performer.

The company’s chief executive officer Todd Gibbons said that downside risks from economic uncertainty in addition to the significant pressure caused by low-interest rates still remained.

The company was nonetheless still able to report revenue from Q2 2020 that managed to be a bit better than had been predicted.  The outlook continues to remain cautious as uncertainty over the COVID-19 pandemic, and the effectiveness of possible vaccines remains high.

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