US stocks expect a gainful session
US stocks are headed for growth on May 13. The market is rebounding after yesterday’s drop, traders are attempting to balance the possible additional fiscal relief measures and the anxiety over the second wave of the virus.
By 11:00 GMT S&P 500 gained 0.6%. Nasdaq added 0.8%. The Dow is up 0.7%.
Democrats have put forward a new relief bill in Congress. This project is worth US$3 trillion, including the funding for the regional authorities, as well as direct payments to the citizens. The bill already faces adversity from the Republicans in the Senate.
Yesterday Wall Street saw all major indices fall by about 2% on May 12. The downturn was mainly caused by the testimony of Anthony Fauci - the leading virus expert. He warned against opening the economy too soon, since in might cause new outbreaks and make the country more vulnerable to the second wave of the virus.
Meanwhile Gilead Sciences continues its work on remdesivir. The company made deals with drugmakers to bring the antiviral drug to 127 across the world.