A surge in Boeing shares, a plan to reopen the U.S. economy and hopes of a potential drug to treat COVID-19 sent stocks soaring, plus more in today’s Closing Bell on Money & Markets.

The Top Story

Shares of Boeing Co. (NYSE: BA) moved 14.7% higher as the commercial jet manufacturer announced plans to start production back up at its Puget Sound facilities in Washington state.

That, along with President Donald Trump’s plans to jump-start the economy by phasing out the coronavirus lockdown helped markets end the week on a high note. The jump was also buoyed by news that Gilead Sciences Inc. (Nasdaq: GILD) had a positive trial run with its drug to treat COVID-19 in Chicago.

The S&P 500 has now regained about 30% from a March drop and is set for its third weekly gain in the past month.

However, the index is still about 19% away from reclaiming its all-time high, set Feb. 19, and analysts have warned of a deep economic slump — or an upcoming double bottom — as a halt in business activity puts millions of Americans out of work.

Bank stocks recovered after four straight days of losses, which were triggered by lenders reporting several billion dollars in reserves to cover potential loan defaults. Financial stocks were the top boost to the S&P 500.

The risk-on sentiment pushed Wall Street’s fear gauge below 40 and sent safe-haven gold down 1.9%.

The Dow Jones rose 3%. The S&P 500 gained 2.7% higher, while the Nasdaq Composite was up 1.4%.

Stock Market Update: Closing Bell*

S&P 500: 2,874 (+2.7%)
DOW: 24,242 (+3%)
NASDAQ: 8,650 (+1.4%)
GOLD: $1,683.50 (-1.9%)
BITCOIN: $7,071 (+1.3%)
U.S. 10-YEAR YIELD: 0.65% (+0.04)

*- as of 4:07 p.m.

A Big Win

As we told you in this morning’s Opening Bell, Boeing Co. (NYSE: BA) shares were on the rise after it announced plans to open production back up at its Puget Sound facilities. Shares of Boeing finished the day up 14.8%.

Proctor & Gamble Co. (NYSE: PG) shares moved 2.6% higher after the company reported a better-than-expected third quarter. The company also increased its quarterly dividend by 6% to $0.79 per share earlier this week.

After receiving a grant of up to $483 million from the U.S. government, shares of Moderna Inc. (Nasdaq: MRNA) increased by 15.4%. The grant will be used to continue the development of its mRNA vaccine to treat against COVID-19.

Golden Nuggets

After hitting a seven-year high on Thursday, gold futures retreated on Trump’s plan to jump-start the U.S. economy.

Most precious metals took a hit on Friday as equities rose on Trump’s news.

Gold futures were down 2.1% to $1,695.20 an ounce. Silver futures were down 1.8% to trade at $15.34 an ounce.

Platinum dropped 0.3% to $791 while palladium rose 0.3% to $2,127.30 an ounce.

Cannabis Corner

A creditor is claiming California marijuana company MedMen’s former CEO and ex-president owe their deeds to personal property as part of an investment guaranty from 2019.

Marijuana Business Daily reported that Alaska-based Milestone Investments filed suit in California claiming former CEO Adam Bierman, ex-president Andrew Modlin and chief strategy officer Christopher Ganan pledged their personal residences as collateral for a $10.2 million stock purchase.

Bierman and Modlin left the company in January. However, Bierman remains on the company’s board of directors while Modlin is the company’s chief brand officer.

More Than 2.9 Million Homeowners Seek Relief Funds

A mortgage and data analytics company said that 2.9 million homeowners are taking advantage of a program that provides relief to holders of government-backed mortgages.

Black Knight said the number represents 5.5% of all active mortgages, according to CNBC.

The program — part of the CARES Act relief package — allows borrowers to delay their monthly payment for a year. The 2.9 million loans in forbearance account for $651 million in unpaid principal.

It has put added pressure on the mortgage industry who, along with members of Congress, have asked the Department of the Treasury and the Federal Reserve for some kind of a relief fund.

Today’s Big Winners:

Citizens Financial Group Inc. (NYSE: CFG) +15.4%

Boeing Co. (NYSE: BA) +14.8%

Expedia Group Inc. (Nasdaq: EXPE) +8.6%

Today’s Big Losers:

Netflix Inc. (Nasdaq: NFLX) -3.7%

UnitedHealth Group Inc. (NYSE: UNH) -2.8%

Apple Inc. (Nasdaq: AAPL) -1.4%

Check back for the most important news and numbers each day after the Closing Bell, only on Money & Markets.