Stocks climb as new coronavirus relief package emerges

FAN Editor

U.S. equity markets gained Tuesday morning as investors weighed the latest proposal for COVID-19 relief.

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Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 29990.65 +129.10 +0.43%
SP500 S&P 500 3663.58 +16.09 +0.44%
I:COMP NASDAQ COMPOSITE INDEX 12479.706659 +39.67 +0.32%

The Dow Jones Industrial Average was higher by 175 points, or 0.59%, while the S&P 500 and the Nasdaq Composite gained 0.73% and 0.82%, respectively. The early advance has the benchmark S&P 500 on track to snap its four-day losing streak, the longest since September.

A group of bipartisan lawmakers put forth two bills, totaling $908 billion, for coronavirus relief. The plan includes a $748 billion package that extends an additional $300 billion for Paycheck Protection Program loans and gives an extra $300 per week in federal unemployment benefits. A second bill, totaling $160 billion, grants aid to state and local governments and provides protections for businesses.

$300 BILLION OF M&A TO BE UNLEASHED BY BLANK-CHECK DEALS

Looking at stocks, Moderna Inc.’s COVID-19 vaccine has no specific safety concerns that would preclude emergency use authorization approval, according to a briefing published by U.S. Food and Drug Administration staff. Data from the vaccine’s clinical study will be reviewed Thursday.

MODERNA GETS FAVORABLE FDA VACCINE NOD AHEAD OF FORMAL APPROVAL

Ticker Security Last Change Change %
MRNA MODERNA INC. 150.22 -4.85 -3.13%

Shares of companies benefitting most from a reopening of the economy, including airlines and cruise operators were broadly higher.

Ticker Security Last Change Change %
JETS ETF SERIES SOLUTIONS US GLOBAL JETS ETF 22.60 +0.02 +0.08%
CCL CARNIVAL CORP. 20.57 -0.36 -1.72%
RCL ROYAL CARIBBEAN CRUISES 71.55 -2.48 -3.36%

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Elsewhere, Apple Inc. asked suppliers to increase iPhone production by 30% in the first half of 2021 to 96 million units, according to a Nikkei report citing people familiar with the matter.  Chip stocks also rose in tandem.

Ticker Security Last Change Change %
AAPL APPLE INC. 125.34 +3.56 +2.92%
AMD ADVANCED MICRO DEVICES INC. 95.89 +1.11 +1.17%
XLNX XILINX INC. 150.18 +1.15 +0.77%

In mergers and acquisitions, Eli Lily & Co. reached an agreement to buy Prevail Therapeutics for $1.06 billion, or $22.50 per share.

CEO David Ricks told FOX Business the company is “quite interested in gene therapy” as the deal gives the drugmaker a leading treatment for Parkinson’s disease.

The deal represents an 80% premium to where Prevail shares settled Monday.

Ticker Security Last Change Change %
LLY ELI LILLY & COMPANY 162.54 +4.68 +2.96%
PRVL PREVAIL THERAPEUTICS INC. 22.95 +10.45 +83.56%

Energy majors Exxon Mobil Corp. and Chevron Corp. gained as West Texas Intermediate crude oil added 26 cents to $47.25 per barrel, trading near its highest level since March.

Ticker Security Last Change Change %
XOM EXXON MOBIL CORPORATION 42.40 +0.18 +0.43%
CVX CHEVRON CORP. 89.28 -0.14 -0.16%

Meanwhile, gold climbed $21.90 to $1,854 an ounce.

In Europe, Britain’s FTSE 100 was trading lower by 0.4% while France’s CAC 40 and Germany’s DAX 30 were higher by 0.28% and 0.94%, respectively.

Asian markets ended lower across the board with Hong Kong’s Hang Seng losing 0.69%, Japan’s Nikkei 225 falling 0.16% and China’s Shanghai Composite slipping 0.06%.

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