Why Abbott Labs Shares Rose 2.44% in March

Though many stocks entered a bear market in March, shares of Abbott Laboratories (NYSE: ABT) gained 2.44% in the month, according to data provided by S&P Global Market Intelligence. The stock climbed as Abbott announced the clearance of its coronavirus test.

The coronavirus outbreak has now reached 900,300 cases worldwide, and countries are facing shortages of tests and related equipment. In March, the U.S. Food and Drug Administration granted Abbott emergency-use authorization for its molecular point-of-care test. As the fastest test currently available, it can deliver positive results in as few as 5 minutes and negative results in 13 minutes. The test operates on Abbott's ID NOW platform, a device about the size of a toaster that can be used in a variety of locations from hospitals to doctors' offices.

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Source Fool.com