U.S. stocks rose for the second straight session as traders digested positive economic news and the Food and Drug Administration’s approval of Pfizer’s COVID-19 pill for use in adults and children ages 12 and older.
|I:DJI||DOW JONES AVERAGES||35753.89||+261.19||+0.74%|
|I:COMP||NASDAQ COMPOSITE INDEX||15521.89237||+180.81||+1.18%|
The Dow Jones Industrial Average rose 261 points or 0.6% building on its 560 point advance on Tuesday while the S&P 500 and Nasdaq Composite rose 1% each.
Positive economic data included an uptick in the Consumer Confidence Index to the best level since July, a better than expected 3Q GDP report of 2.3%, albeit well below July’s 6.7% jump and home sales that rose 1.9%.
And the fight against COVID-19 also helped sentiment after the FDA said an oral pill to treat the virus is a game-changer.
“Today’s authorization introduces the first treatment for COVID-19 that is in the form of a pill that is taken orally — a major step forward in the fight against this global pandemic,” said Patrizia Cavazzoni, M.D., director of the FDA’s Center for Drug Evaluation and Research in a statement. Merck is also waiting on the FDA for its oral treatment.
|MRK||MERCK & CO. INC.||76.16||+0.62||+0.82%|
Other vaccine makers remained active among investors as rising cases of COVID-19 get reported and as Americans seek booster shots.
Tesla shares rose after CEO Elon Musk signaled his year-end stock selling spree is over, for now, according to an interview he gave to the Babylon Bee.
Caterpillar was among the Dow’s top stocks after Bernstein upgraded the shares to an outperform forecasting a $240 price target. Deere slipped.
|DE||DEERE & CO.||347.00||-2.81||-0.80%|
Amazon shares also rose despite another morning outage of AWS – its cloud service which knocked multiple workplaces offline.
In earnings, BlackBerry shares reversed earlier losses to close with a gain after it reported better than expected quarterly results. Through Tuesday, the shares have gained 39%.
Apparel maker Naked Brand is active as it began trading post a 1-for-15 split-adjusted basis.
|NAKD||NAKED BRAND GROUP||6.25||-0.98||-13.52%|
US PENDING HOME SALES UNEXPECTEDLY FALL IN SEPTEMBER
In commodities, oil closed higher at $72.76 per barrel level with an unexpected 4.7 million barrel drop in weekly inventories as reported by the EIA.
|USO||UNITED STATES OIL FUND L.P.||52.48||+0.91||+1.76%|
MAERSK STRIKES DEAL TO BUY LF LOGISTICS FOR $3.6 BLN
In global deals, AP Moeller-Maersk AS said it has agreed to buy LF Logistics Holdings Ltd. in an all-cash deal. The Danish shipping company said it would acquire 100% of the private, Asia-Pacific-based logistics company for an enterprise value of $3.6 billion.
FOX Business’ Ken Martin and The Associated Press contributed to this report.