Stocks rose for a 4th straight day yesterday on the back of positive coronavirus vaccine news and a blowout quarter from Goldman Sachs.
Data published by the New England Journal of Medicine showed Moderna’s coronavirus vaccine produced a robust immune response, or neutralizing antibodies, in all 45 patients in its early stage human trial. The news sent Moderna shares sharply higher.
U.S. industrial production in June posted the largest monthly gain since 1959, indicating manufacturing is stirring to life after coronavirus-related shutdowns. Total output at factories, mines and utilities increased 5.4% from the prior month after climbing 1.4% in May. The outsize rebound in production still leaves the Fed’s index of industrial output 10.9% below pre-pandemic levels and the capacity utilization rate shows plenty of slack as demand builds only gradually. What’s more, sales may be tempered in coming months as reopening’s have entered a more uncertain phase.
Earnings season continued and Goldman Sachs reported quarterly numbers that easily beat analyst expectations. The company’s good results were driven by a 93% surge in trading revenue which was similar to what we saw in the other major banks earnings reports.
With Northwest Quadrant Wealth Management, I’m Tyler Simones.