Dow Rides Reopening Optimism to End Higher By

Wall Street Rides Financials Higher to Claw Back Losses By

© Reuters.

By Yasin Ebrahim – The Dow ended higher on Monday, shrugging off civil unrest across several cities in the U.S. that threatens efforts to reopen the economy.

rose 0.39%, or 100 points, the gained 0.42%, while the added 0.65%.

Investors continued to bet that efforts to lift restrictions will spark a faster economic recovery in the back half of the year, even as protests over the death of George Floyd in Minneapolis last week threaten to slow reopening efforts.

Retailers including Walmart (NYSE:), Target (NYSE:), and CVS Health (NYSE:) were forced to shutter stores over the weekend amid damage from the protests.

With optimism over a quicker economic recovery running high, cyclical sectors like financials and real estate continued to rack up gains. 

Real estate was among the biggest gainers, led by Vornado Realty Trust (NYSE:), Regency Centers (NASDAQ:) and Kimco Realty (NYSE:), with the latter up more than 7% after JPMorgan upped its price target on the stock to $13 from $11.

Elswhere, healthcare proved the exception to the gains on Wall Street, paced by a 7% decline in Pfizer (NYSE:) after the pharmaceutical giant revealed disappointing data from its breast-cancer drug trial.

Gilead Sciences (NASDAQ:) slipped 3% after mixed clinical trial results for patients taking its Covid-19 drug remdesivir stoked uncertainty over the efficacy of the treatment.

Patients with moderate disease – those hospitalized but not in need mechanical ventilation at any time – who received the drug for five days were 65% more likely to demonstrate clinical improvement, but those taking the drug for 10 days did not report a statistically significant improvement.   

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