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 Shares of Moderna Inc. rallied 10% in trading on Wednesday morning, the day after the drugmaker shared that its COVID-19 vaccine candidate produced neutralizing antibodies — thought to be a key benchmark for an effective coronavirus vaccine — in all 45 participants in a Phase 1 clinical trial.
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 Stocks rallied Wednesday on signs of progress in developing a coronavirus vaccine, along with upbeat earnings results from Goldman Sachs.
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The investment bank reported a surge in revenue and profit, while the health insurer's results were less impressive.
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Hard-hit sectors saw some of the biggest gains.
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 (Bloomberg Opinion) -- Goldman Sachs Group Inc.'s bond traders came through in the clutch.The bank that's synonymous with Wall Street has made no secret about its efforts in recent years to diversify its business to create more durable revenue and reduce sensitivity to financial market conditions. But the second quarter was no time to shy away from its roots, as earnings from JPMorgan Chase & Co. and Citigroup Inc. proved on Tuesday by delivering profits even after setting aside huge sums for loan losses. JPMorgan's trading revenue in fixed-income, currencies and commodities rose in the second quarter by a whopping 120%,(1)while Citigroup's jumped by 89%. In equities, JPMorgan posted a 38% increase while Citigroup had a modest drop.Needless to say, 120% is a high hurdle. But Goldman cleared it and then some, reporting on Wednesday that FICC trading revenue soared 149% relative to a year ago to $4.24 billion, the highest in nine years and far and away outpacing estimates for $2.64 billion. Even in equities, trading rose 46%, the division's best performance in 11 years. Together, traders accounted for more than half of the bank's revenue in the second quarter. That kind of profiting from market volatility, combined with a doubling in revenue from underwriting stocks and bonds, pushed net income higher than it was a year earlier — quite the surprise, given the global pandemic and economic recession.Then again, the swift and sharp turnaround in financial markets in April and May was also shocking, so perhaps it's onl
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London stocks tracked a global market rally on Wednesday amid investor optimism over potential COVID-19 treatments.
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Stocks surged Wednesday on the back of positive vaccine news from Moderna and a blowout quarter from Goldman Sachs.
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Stock futures rise on coronavirus vaccine hopes Fox BusinessModerna coronavirus vaccine shows promising results in early clinical trial POLITICOModerna Graduates to a Major Nasdaq Index The Motley FoolModerna's Coronavirus Vaccine Looks Promising In Its First Tests TIME
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 S&P Global Ratings said Wednesday that U.S. corporate credit downgrades reached a high of 414 during the second quarter, as the "sudden-stop" U.S. recession resulting from the COVID-19 pandemic deepened. The credit rating agency said companies with ratings of BB --the highest speculative grade, or "junk" rating--and lower were hit hardest, as 92% of the downgrades were of companies in that ratings range, and as the percentage of junk-rated companies with negative outlooks on their credit reached a record high of 52%. S&P said the pace of downgrades slowed after April, as lockdown measures eased. "Even as we expect the economic recovery to begin in the second half of this year, we anticipate that corporate credit measures will take longer to recover, and all sectors currently show a negative bias that is above their long-term average," said Nick Kraemer, head of S&P Global Ratings Performance Analystics.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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The administration of President Donald Trump has requested that hospitals bypass the Centers for Disease Control and Prevention and send COVID-19 patient information to a central database in Washington, the New York Times reported, citing a document posted on the Department of Health and Human Services website. The department, and not the CDC, the main public health agency in the U.S., will handle daily reports on patients, available hospital beds, ventilators and other information needed to track the pandemic. The news has dismayed public health experts as the data will not be open to the public, unlike CDC data, and will not be available to researchers who currently rely on CDC data to make decisions and projections. The news surprised the CDC, the Times reported, citing two anonymous officials.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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The pandemic has given a big boost to e-commerce stocks, and this company wants in on the action.
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The biotech company said its potential coronavirus vaccine generated a promising immune response in an early-stage human trial.
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 Wednesday stock-market rally erases S&P 500's year-to-date losses
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Stock indexes jumped at the Thursday's open, buoyed by optimism about progress on a COVID-19 vaccine candidates despite rising U.S. cases, while investors also grew bullish about better-than-expected results from Goldman Sachs Group, raising hope that quarterly results from the nation's financial system may be doing a slightly better job of contending with the recession caused by the viral outbreak. The Dow Jones Industrial Average rose 384 points, or 1.4%, at 26,984, the S&P 500 index gained 1% to 3,230, while the Nasdaq Composite Index climbed 0.6% at 10,551.91. The rally in stocks in part has been boosted by news from Moderna Inc. , which said its coronavirus vaccine candidate produced a "robust" immune-system response in a larger group of people and that the study would move to a further clinical trial in July. Markets also reacted positively to a separate report on developments for an Oxford University vaccine candidate backed by AstraZeneca PLC [s:UK: AZN] . Separately, Goldman Sachs on Wednesday delivered results that beat expectations for revenue and earnings.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Forescout Technologies Inc. shares rallied Wednesday after the cybersecurity company said its deal to be taken private by Advent International was back on but at a lower price. Forescout shares surged 15% to $28.89 in recent trading. Forescout said Advent will acquire it for $29 a share, putting an end to a lawsuit that arose when it looked like the original deal was falling apart. Back in February, Forescout agreed to be taken private by Advent for $33 a share, or $1.9 billion, but by May, Forescout said the deal was being delayed. Under the new agreement, Advent will begin a tender offer for Forescout shares on or before July 20 with the deal expected to close in the third quarter.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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 How do you pick the next stock to invest in? One way would be to spend days of research browsing through thousands of publicly traded companies. However, an easier way is to look at the stocks that smart money investors are collectively bullish on. Hedge funds and other institutional investors usually invest large amounts of […]
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