Stock Market News: Regeneron Looks to Kill Coronavirus; Churchill Downs Postpones the Derby
Investors got a bit of respite Tuesday morning, as the stock market calmed down somewhat after the nearly 3,000-point drop in the Dow Jones Industrial Average (DJINDICES: ^DJI) on Monday. Even though many sectors of the market, such as retail and energy, continued to reel from the implications of the COVID-19 outbreak, investors seemed to be in a mood to try to find candidates for recovery if fiscal stimulus and healthcare innovation helps end the crisis surrounding the pandemic. As of 11:15 a.m. EDT, the Dow was up 439 points to 20,628. The S&P 500 (SNPINDEX: ^GSPC) rose 96 points to 2,483, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 298 points to 7,202.
The impact of the coronavirus has created winners and losers in the market, albeit with more of a bias toward the downside. Regeneron Pharmaceuticals (NASDAQ: REGN) joined the list of healthcare companies creating hope for a potential resolution to the pandemic and saw its shares rise as a result. Meanwhile, Churchill Downs (NASDAQ: CHDN) became the latest sports venue to delay a key event in the wake of the pandemic and the government's urging to keep people from gathering in large groups.
Shares of Regeneron Pharmaceuticals jumped 12% Tuesday morning. The biotech company announced encouraging news that it hopes will help lead to potential breakthroughs in the fight against COVID-19.
Source Fool.com
