Dow Rises Over 2%; S&P 500 Up 100 Points

Author: Lisa Levin | October 17, 2022 02:38pm

U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining over 300 points on Monday.

The Dow traded up 2.06% to 30,244.35 while the NASDAQ rose 3.48% to 10,680.25. The S&P 500 also rose, gaining, 2.81% to 3,683.72.

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Leading and Lagging Sectors

Consumer discretionary shares climbed 4.1% on Monday. Leading the sector was strength from Brilliant Earth Group, Inc. (NASDAQ:BRLT) and Wag! Group Co. (NASDAQ:PET).

In trading on Monday, consumer staples shares rose by just 1.5%.

Top Headline

 

Bank of America (NYSE:BAC) reported better-than-expected Q3 results.

Bank of America posted quarterly earnings of $0.81 per share, topping market estimates of $0.77 per share. The bank’s quarterly sales came in at $24.50 billion, exceeding expectations of $23.60 billion.

 

Equities Trading UP

 

• Acorda Therapeutics, Inc. (NASDAQ:ACOR) shares shot up 152% to $0.8570 after the company announced a $16.5 million award and royalty/supply relief in the AMPYRA arbitration case.
• Shares of Archaea Energy Inc. (NYSE:LFG) got a boost, shooting 53% to $25.84 after the company announced it will be acquired by BP for approximately $4.1 billion.
• Babylon Holdings Limited (NYSE:BBLN) shares were also up, gaining 26% to $0.4661 after reporting a private placement financing.

Equities Trading DOWN

• NGM Biopharmaceuticals, Inc. (NASDAQ:NGM) shares tumbled 72% to $3.26 after the company announced topline efficacy and safety results from its CATALINA Phase 2 trial of NGM621 for geographic atrophy (GA) secondary to age-related macular degeneration (AMD). Over 52 weeks of treatment, NGM621 administered every four weeks (Q4W) (n=108) and every eight weeks (Q8W) (n=104) demonstrated a GA lesion area reduction of 6.3% and 6.5%, respectively, compared to sham (n=106), which did not reach statistical significance in either arm.
• Shares of Fox Corporation (NASDAQ:FOX) were down 8% to $26.85 after the company said it formed a special committee to explore a potential combination with News Corporation.
• Minerva Neurosciences, Inc. (NASDAQ:NERV) was down, falling 67% to $4.4101 after the company received a refusal to file letter from the FDA regarding its marketing application for roluperidone for negative symptoms in patients with schizophrenia.

Also check out: Fear Among US Investors Increases After Dow Dips 400 Points

Commodities

In commodity news, oil traded up 0.8% to $86.25, while gold traded up 0.9% at $ 1,663.00.

Silver traded up 3.2% to $18.65 on Monday while copper fell 0.3% to $3.4120.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 1.83%, London’s FTSE 100 rose 0.90% while Spain’s IBEX 35 Index jumped 2.37%. The German DAX climbed 1.7%, French CAC 40 rose 1.83% and Italy’s FTSE MIB Index gained 1.86%.

The annual inflation rate in Italy accelerated to 8.9% in September, the highest level in around 37 years, compared to 8.4% in the prior month.

 

Economics

The NY Empire State Manufacturing Index fell 7.6 points to -9.1 in October, versus market estimates of -4.0.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 98,850,120 cases with around 1,090,530 deaths. India confirmed a total of at least 44,630,880 cases and 528,900 deaths, while France reported over 36,258,600 COVID-19 cases with 155,810 deaths. In total, there were at least 630,019,300 cases of COVID-19 worldwide with more than 6,571,720 deaths.

Posted In: ACOR BAC BBLN BRLT FOX LFG NERV NGM PET