Healthcare stocks prompt Wall Street’s upbeat activity
U.S. shares advanced on Monday, with gains partly from healthcare stocks as investors sought securities which have diminished in value and are resistant from measures aimed at slowing coronavirus contagion.
The S&P healthcare sector .SPXHC clocked in a total of 4.67% gains. The upbeat mood was partly attributed from Johnson & Johnson (JNJ.N) and Abbot Laboratories’ (ABT.N) well-ended session.
The JNJ.N index jumped up to 8.00% as the government promised to allocate funds for the development of the coronavirus vaccine. Abbot Laboratories (ABT.N) raked in 6.41% earnings after acquiring U.S. license to conduct diagnostic test for the novel coronavirus.
The technology sector .SPLRCT also went up by 4%. The positive performance of technology-related stocks was supported by Microsoft’s (MSFT.O) 7% gains.