Wall Street rallied despite a plunge in profits at three major U.S. banks and billions of dollars set aside to cover potential loan losses
In extended trade, Moderna Inc surged 18% after the biotech company’s experimental vaccine for COVID-19 showed it was safe and provoked immune responses in an ongoing early-stage study.
Amazon.com Inc finished down 0.6%. A recovery from deeper losses by Amazon and other technology and growth stocks that recently have performed strongly, including Facebook and Netflix, gave the Nasdaq a last-minute spurt. Wells Fargo & Co tumbled 4.6% after booking a quarterly loss for the first time since the 2008 financial crisis. Citigroup Inc dropped 3.9% after it reported a steep fall in quarterly profit.
The Dow Jones Industrial Average surged 2.13% to end at 26,642.59 points, while the S&P 500 gained 1.34% to 3,197.52. The Nasdaq Composite added 0.94% to 10,488.58. Advancing issues outnumbered declining ones on the NYSE by a 1.92-to-1 ratio; on Nasdaq, a 1.63-to-1 ratio favored advancers.
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