FDA Ruling on Pfizer Boosts Stocks,; Dow Powers Higher, Nasdaq Extends Gains
TheStreet
12/22/2021
© TheStreet
FDA Ruling on Pfizer Boosts Stocks,; Dow Powers Higher, Nasdaq Extends Gains
U.S. stocks traded extended gains Wednesday after the Food & Drug Administration approved Pfizer's Covid pill treatment, which has also shown to be effective against Omicron, for emergency use in at-risk patients.
The decision, which lifted Pfizer shares more than 2% in mid-day trading, added to yesterday's session to solid gains, although investors also remained focused on news from Washington, as the White House continues to negotiate President Joe Biden's $1.75 trillion 'Build Back Better's spending bill with senior Democrats, including recalcitrant Senator Joe Manchin.
Omicron's spread, however, continues to dominate market sentiment on what is likely the last full trading session of the week, with infections doubling every one and a half to three days, according to the World Health Organization, and countries instituting business and travel restrictions in order to tame its advance.
Still, data from South Africa suggests hospitalizations linked to Omicron are far less likely than with Delta, and while the strain its likely to become dominant in Europe over the coming weeks, its symptoms remain less severe than those reported from prior incarnations.
Video: Pfizer Covid antiviral Paxlovid receives emergency authorization (CNBC)
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The Sharpe Angle: Why the CEO of the world's second-largest alternatives firm is optimistic about a light recession For the last two decades, Bruce Flatt has been the CEO of Brookfield Asset Management, growing it to become the second-largest alternatives firm in the world. He oversees more than $725 billion in assets spanning a diverse portfolio comprised of real estate, private equity, infrastructure, energy transition, credit, and insurance. Flatt brings his vast perspective to an exclusive interview with CNBC's Leslie Picker, where he explains why he's not too concerned about the many headwinds facing the economy today.
On Wall Street, the Dow Jones Industrial Average was marked 195 points by mid-day trading, with the S&P 500 bumped 33 points into the green.
The Nasdaq Composite was marked 120 points higher from last night's close as benchmark 10-year Treasury note yields eased to 1.46% in New York trading.
CarMax shares fell 4.7% after the vehicle-buying website posted stronger-than-expected third quarter earnings amid a record surge in used car prices triggered by the Covid pandemic.
Tesla shares were also on the move, rising 7.3% after founder and CEO Elon Musk declared that he has 'sold enough stock' in the clean energy car company following a pledge to offload around 10% of his holdings.
In overseas trading, Europe's region-wide Stoxx 600 was marked 0.09% higher by the close of trading in Frankfurt while Asia's MSCI ex-Japan index was marked 0.5% higher and the Nikkei 225 in Tokyo closed 0.16% to the good at 28,562.21 points.
This article was originally published by TheStreet.
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