The stock exchanges in New York closed the trading week on Friday with a profit. Investors responded enthusiastically to reports of a possible treatment for the disease caused by Chinese virus. President Donald Trump’s plans to gradually reopen the largest economy in the World also added some sentiment. Aircraft maker Boeing was a notable riser after reports of the reopening of a production site.
The Dow-Jones index ended the session, led by Boeing, up 3 percent at 24,242.49 points. The broad S&P 500 gained 2.7 percent to 2,874.56 points, and Nasdaq rose 1.4 percent to 8,650.14 points.
Boeing closed with a profit of 15 percent. The aircraft manufacturer will gradually resume production of airliners at its Seattle plant. Meanwhile, the aircraft leasing division of industrial conglomerate General Electric (plus 6.7 percent) put an end to the order of 69 undelivered aircraft of the troubled 737 MAX.
Gilead Science closed with a profit of nearly 10 percent. According to the medical website STAT News, “Remdesivir” shows promising results in the treatment of corona patients. Remdesivir was developed by Gilead as a treatment for Ebola. In response to the leaked results, the pharmacist stated that it is too early to draw any conclusions.
Furthermore, attention was paid to Ford, which won 3.6 percent. The automaker expects to close the first quarter of the year with a $2 billion deficit. Measures to tackle the corona crisis had a negative impact on the automaker.
Various companies also gave a look at the books. For example, last quarter Schlumberger clearly suffered from the sharp fall in oil prices and the decreased demand for oil as a result of the crisis. This resulted in a loss of billions for the oil service provider. Schlumberger also decided to cut dividends. The stock won 8.8 percent.
Procter & Gamble (P&G), known from brands such as Pampers, Ariel, Braun and Gillette, benefited in the past quarter from the massive hammering of groceries. The share of the care and cleaning products producer was set 2.6 percent higher.
The euro was worth $ 1.0866, down from 1.0879 earlier today. A barrel of American oil became 8.8 percent cheaper at $ 18.12. Brent oil was just 1.9 percent more worth at $ 28.36.