- S&P 500 extends rally, notches new record high above 3,500.
- Abbott Laboratories (ABT: NYSE) shares soar on White House deal.
- Coty Inc (COTY: NYSE) shares plummet on disappointing earnings figures.
The S&P 500 Index (SPX) opened modestly higher on Thursday but didn’t have a difficult time extending its rally to a fresh record high of 3,501. As of writing, the SPX was up 0.5% on the day at 3,496.
S&P 500 top movers
Earlier in the day, White House spokeswoman announced that the Trump administration reached an agreement with Abbott Laboratories (ABT: NYSE) to purchase rapid coronavirus tests. Under the $750 million deal, the administration will acquire 150 million tests, as reported by Reuters.
Boosted by this development, ABT surged to an all-time high of $114 and was last seen gaining 8.6% on the day at $112,03.
On the other hand, Coty Inc (COTY: NYSE) reported that its net revenue declined by 56% to $922.1 million in Q4, which missed analysts’ estimate of $1.34 billion by a wide margin. The cosmetic makers’ shares were last seen losing 8.9% on a daily basis at $3.5.