NEW YORK, May 12 — The S&P 500 closed barely higher, eking out a nominal gain yesterday as investors weighed new spikes in coronavirus infections with expectations that an economy crippled by mandated shutdowns will soon be re-opened for business. Technology and healthcare shares provided the...
Tuesday, 12 May 2020 07:09 AM MYT
Technology and healthcare shares provided the biggest lift to all three major US stock indexes and led the tech-heavy Nasdaq to its sixth consecutive advance.The S&P 500 and Dow Jones Industrial Average remain within 20 per cent of all-time highs reached in February, and the tech-heavy Nasdaq is within 10 per cent of its closing record.
But a surge of new coronavirus infections in Germany and South Korea suggested early efforts to lift restrictions could be premature, even as businesses around the world, shuttered by social distancing restrictions, begin re-opening their doors. Of the 11 major sectors in the S&P 500, four closed in the black, with healthcare enjoying the largest percentage gain.
Drug distributor Cardinal Health Inc jumped 6.7 per cent as the pandemic boosted third-quarter sales. Shares of Under Armour Inc plunged 9.7 per cent after the athletic wear company forecast a 50 to 60 per cent drop in the second quarter as many of its stores remain shuttered.
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