Rep. Tom Reed, R-N.Y., discusses the restaurant industry being targeted by Gov. Cuomo and getting a stimulus deal passed.
U.S. equity markets picked up momentum Tuesday as investors weighed the latest proposal for COVID-19 relief ahead of a 4 PM ET meeting.
House Speaker Nancy Pelosi has already spoken to U.S. Treasury Secretary Steven Mnuchin and will meet with Senate Majority Leader Mitch McConnell and Sen. Chuck Schumer today. Mnuchin is also expected to attend.
TickerSecurityLastChangeChange %I:DJIDOW JONES AVERAGES30216+354.45+1.19%SP500S&P 5003693.47+45.98+1.26%I:COMPNASDAQ COMPOSITE INDEX12575.048791+135.01+1.09%
The Dow Jones Industrial Average jumped over 300 points or 1.2%, while the S&P 500 and the Nasdaq Composite gained about 1% apiece. The advance has the benchmark S&P 500 on track to snap its four-day losing streak, the longest since September and is pushing the Dow near a fresh record.
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
TickerSecurityLastChangeChange %MRNAMODERNA INC.147.71-7.36-4.75%
Shares of companies benefitting most from a reopening of the economy, including airlines and cruise operators were mixed.
TickerSecurityLastChangeChange %JETSETF SERIES SOLUTIONS US GLOBAL JETS ETF22.99+0.41+1.82%CCLCARNIVAL CORP.21.64+0.70+3.34%RCLROYAL CARIBBEAN CRUISES74.24+0.21+0.28%
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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.
TickerSecurityLastChangeChange %AAPLAPPLE INC.127.22+5.43+4.46%AMDADVANCED MICRO DEVICES INC.97.56+2.78+2.93%XLNXXILINX INC.152.95+3.92+2.63%
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.
TickerSecurityLastChangeChange %LLYELI LILLY & COMPANY166.77+8.91+5.64%PRVLPREVAIL THERAPEUTICS INC.22.75+10.25+82.00%
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.
TickerSecurityLastChangeChange %XOMEXXON MOBIL CORPORATION43.14+0.92+2.18%CVXCHEVRON CORP.89.87+0.45+0.50%
Meanwhile, gold climbed $23.60 to $1,852.30 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%.