Tri-county stocks bounce back from coronavirus losses
Tri-county stocks regained some of the previous day’s losses with the passage of a stimulus package to counteract the economic impacts of the coronavirus crisis, ending up 4.4 percent March 19 from the start of the week.
Early stage biotech stocks topped the gains, including a 36 percent jump for Arcutis Biotherapeutics and a 27 percent increase for Atara Biotherapeutics.
Thousand Oaks drug maker Amgen, on the other hand, fell 3 percent for the day.
Westlake Village-based PennyMac Mortgage Investment Trust also gained back some of its earlier declines to end the day at $7.04.
Small cap stocks suffered, with a 31.8 percent loss for CDTi Advanced Materials, out of Oxnard, to 7.5 cents per share, and 20 percent losses for electronics makers — Camarillo-based Qualstar and Interlink Electronics out of Westlake Village. Goleta-based filter maker Resonant also fell 4 percent for the day.
The gains outpaced most national indices, which rose strongly in trading but the S&P 500 index ended the day just half a percent higher, alongside a 1 percent gain for the Dow Jones Industrial Average. The Nasdaq had a stronger performance, gaining 2.3 percent, and the small-cap Russell 2000 index rose 6.8 percent.
• Contact Marissa Nall at mnall@pacbiztimes.com.
