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%.