Nasdaq, S&P rise 1% driving day two of stock gains
3Q GDP slipped to 2.3% vs. 6.7% in 2Q
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.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
I:DJI | DOW JONES AVERAGES | 44782 | -128.65 | -0.29% |
SP500 | S&P 500 | 6047.15 | +14.77 | +0.24% |
I:COMP | NASDAQ COMPOSITE INDEX | 19403.947849 | +185.78 | +0.97% |
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.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
PFE | PFIZER INC. | 26.21 | +0.38 | +1.47% |
MRK | MERCK & CO. INC. | 101.64 | -1.48 | -1.44% |
Other vaccine makers remained active among investors as rising cases of COVID-19 get reported and as Americans seek booster shots.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
MRNA | MODERNA INC. | 44.26 | +1.20 | +2.79% |
PFE | PFIZER INC. | 25.82 | -0.39 | -1.49% |
BNTX | BIONTECH SE | 117.20 | -1.19 | -1.01% |
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.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
TSLA | TESLA INC. | 357.09 | +11.93 | +3.46% |
Caterpillar was among the Dow's top stocks after Bernstein upgraded the shares to an outperform forecasting a $240 price target. Deere slipped.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
CAT | CATERPILLAR INC. | 403.70 | -4.12 | -1.01% |
DE | DEERE & CO. | 466.08 | +5.01 | +1.09% |
Amazon shares also rose despite another morning outage of AWS - its cloud service which knocked multiple workplaces offline.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
AMZN | AMAZON.COM INC. | 207.89 | +2.15 | +1.05% |
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%.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
BB | BLACKBERRY LTD. | 2.56 | -0.01 | -0.39% |
Apparel maker Naked Brand is active as it began trading post a 1-for-15 split-adjusted basis.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
NAKD | NO DATA AVAILABLE | - | - | - |
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.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
USO | UNITED STATES OIL FUND - USD ACC | 71.75 | +0.12 | +0.17% |
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.
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FOX Business' Ken Martin and The Associated Press contributed to this report.