Your Weekly Blip 7/10/20

Your Weekly Blip 7/10/20

To end the trading week stocks moved higher on positive news regarding corona virus treatment. At the close the Dow gained 368 and 26,074. Trading volume was lower. For the week the Dow netted a positive 220 points or 0.85%. IBD continues to show markets in rally mode.
With corona case counts still rising, the global economic reopening continues to ebb and flow. While bars are closing in some states Disney is opening its Florida Disney World this weekend and plans to open Disneyland Paris on July 15th in a phased reopening of its theme parks globally.
Shares of biotech Gilead were higher after the company said its coronavirus treatment, remdesivir, lowered the risk of death by 62% in a phase 3 study. The study was done using both clinical and real world patients with severe covid-19 infections and results found not only improved recovery but a reduction in the risk of demise by 62%. Gilead cautioned that the study hasn’t been confirmed and more work needs to be done but the results are a step forward.
Investors jumped on Tesla stock like bulldogs on the back of a meat wagon sending shares up over 10% and cresting the $1,500 price per share mark. Meanwhile electric truck startup Rivian announced a $2.5 billion round of funding led by T. Rowe Price and some Amazon shareholders. Besides a regular pickup and an SUV, Rivian is developing an electric delivery van for Amazon and hopes to launch these vehicles in 2021.
Our crew hike was canceled this weekend due to lack of participation but several other trips are in various stages of development. One thing we are working on is “Pre-trip” health checks to make sure people going on the hikes are virus free. So far we have 13 kids booked for a 50 miler in late August in the Olympics plus a new scout hike in the North Cascades for those younger budding lunkheads who were foolish enough to make the jump from Cub Scouts to “Big” Scouts.

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