By Anora Mahmudova, Carla Mozee and Victor Reklaitis,
MarketWatch
Tekmira surges on FDA moving closer to Ebola drug approval
Tekmira surges on FDA moving closer to Ebola drug approval
NEW YORK (MarketWatch)--Wall Street rallied Friday as investors
took heart from news reports that Russia ended military exercises
on the Ukrainian border and largely brushed off news of U.S.
airstrikes in Iraq.
War Central: Live updates on Iraq, Ukraine and Gaza
Friday's gains erased what would have been weekly losses for the
main benchmarks.
The S&P 500 (SPX) rose 16 points, or 0.9%, to 1,926.11 and
was set to finish the week roughly where it started it. The Dow
Jones Industrial Average (DJI) jumped 144 points, or 0.9%, to
16,512.64 and was 0.3% higher over the week. The Nasdaq Composite
(RIXF) gained 30 points, or 0.7%, to 4,365.58 and was set to record
a modest weekly gain.
The Russell 2000 (RUT) rose 11 points, or 1% and was on track
for a weekly gain of 1.4%, outperforming large-cap stocks.
Follow MarketWatch's live blog of today's stock-market
action.
Headlines from Russia and the Middle East dominated news. Stock
futures fell in early premarket trade, but the flight to haven
assets receded after Russian news agency RIA said Russia is seeking
to de-escalate tensions with Ukraine. On Thursday, Russian
President Vladimir Putin had hit back with sanctions against the
countries that have placed trade and restrictions on Moscow.
Meanwhile, the U.S. military has struck ISIL artillery that had
been used against Kurdish forces defending Erbil, the Pentagon said
Friday.
"Equities are likely to trade sideways throughout August and be
driven by geopolitical headline news," said Terry Sandven, chief
equity strategist at U.S. Bank Wealth Management. "From a technical
standpoint, it is a good time to add to positions as we do not
expect a 10% correction at this point."
In the Middle East, Israel said Hamas had violated a 72-hour
cease-fire and ordered the military to resume fire in the Gaza
Strip.
Individuals stock moves
On the data front, a report on U.S. labor productivity in the
second quarter showed a 2.5% rise, beating the 1.7% gain expected
by economists polled by MarketWatch.
Among individual stocks, Tekmira Pharmaceuticals Corp. (TKMR)
surged 39% after the Canadian drug maker said Thursday U.S.
regulators are moving closer to approving its anti-Ebola drug for
use on those infected with the deadly disease.
Gap (GPS)climbed 5.9% after the apparel retailer's same-store
sales increased 2% in July, topping analysts' expectations.'
Sotheby's (BID) dropped 8% after the auction-house's
second-quarter profit dropped 15%, missing Wall Street's
expectations.
Zynga shares (ZNGA) fell 5.5% after the online social-gaming
company late Thursday reported that its second-quarter loss had
widened to $62.5 million, or 7 cents a share. (Read more about
notable stock moves here:
http://www.marketwatch.com/story/zynga-plummets-tesla-falls-short-of-record-2014-08-07.)
In other markets, oil futures (CLU4) ticked up, and gold futures
(GCZ4) eased. The 10-year U.S. Treasury note's yield recovered to
2.4% after Russia news. European stocks closed lower.
Investors had sought safety in the Japanese yen (USDJPY), and
that push higher for the currency led to a 3% dive in Japanese
stocks.
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