Stocks rallied today despite what may prove to be dark & stormy clouds on the horizon. The S&P 500 was up 0.72% (20.10 points) while the Nasdaq climbed 0.71% (53.98 points). The Dow rose to end the session up 0.55% (140.90 points).
Most individual components of the Dow saw gains today, although a few did see losses. Disney (DIS) climbed the furthest today as it increased by 2.18%. The 3M Company (MMM) saw the second largest rally as it rose 1.98%. On the other end of the spectrum, United Health Group (UNH) sank 1.41%.
Seattle-based Atossa Genetics Inc. (NASDAQ: ATOS) (“Atossa”) is a clinical-stage biopharmaceutical company developing novel therapeutics and delivery methods to treat breast cancer and other breast conditions. Shares of Atossa jumped to a high of $4.65 today while closing at $3.97 up 3.93% on 7.54 Million shares of trading. This move of Atossa’s shares came about post their announcement before the market’s open on Tuesday that the Institutional Review Board (IRB) had approved the use of Atossa’s oral Endoxifen as a post-mastectomy treatment in a pre-menopausal, estrogen-receptor positive (ER+) breast cancer patient. This IRB approval follows the FDA’s recent “safe to proceed” letter and permits Atossa’s oral Endoxifen to be provided to the patient. Under the FDA expanded access IND program, the use of Atossa’s proprietary oral Endoxifen is restricted solely to this patient.
One of the dark clouds that have often been seen as a warning sign for a coming recession is the inversion of the 3-year and 10-year treasury notes. This inversion occurred for the first time since 2007 on Friday and has caught investor’s attention.
Another ominous sign today came from the real estate sector. Data released today showed the home prices in February grew at their most sluggish rate in four years. For the same month, new home building dropped 8.7% – its largest drop in eight months.
Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.
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