AVN 65.45 Increased By ▲ 0.50 (0.77%)
BAFL 30.65 Decreased By ▼ -0.86 (-2.73%)
BOP 4.83 Increased By ▲ 0.04 (0.84%)
CNERGY 3.72 Decreased By ▼ -0.12 (-3.13%)
DFML 14.26 Decreased By ▼ -0.15 (-1.04%)
DGKC 41.06 Decreased By ▼ -0.54 (-1.3%)
EPCL 46.56 Decreased By ▼ -0.14 (-0.3%)
FCCL 11.35 Increased By ▲ 0.06 (0.53%)
FFL 5.03 Decreased By ▼ -0.02 (-0.4%)
FLYNG 5.78 Decreased By ▼ -0.04 (-0.69%)
GGL 10.28 Decreased By ▼ -0.17 (-1.63%)
HUBC 67.03 Increased By ▲ 1.39 (2.12%)
HUMNL 5.68 Increased By ▲ 0.02 (0.35%)
KAPCO 27.85 Increased By ▲ 0.10 (0.36%)
KEL 2.19 Increased By ▲ 0.04 (1.86%)
LOTCHEM 24.83 Increased By ▲ 0.48 (1.97%)
MLCF 21.37 Decreased By ▼ -0.11 (-0.51%)
NETSOL 84.20 Decreased By ▼ -0.59 (-0.7%)
OGDC 85.94 Decreased By ▼ -1.31 (-1.5%)
PAEL 11.01 Increased By ▲ 0.03 (0.27%)
PIBTL 4.17 Decreased By ▼ -0.05 (-1.18%)
PPL 74.56 Decreased By ▼ -1.14 (-1.51%)
PRL 13.40 Decreased By ▼ -0.25 (-1.83%)
SILK 0.92 Increased By ▲ 0.03 (3.37%)
SNGP 40.44 Decreased By ▼ -0.89 (-2.15%)
TELE 5.86 Increased By ▲ 0.01 (0.17%)
TPLP 15.42 Decreased By ▼ -0.22 (-1.41%)
TRG 111.63 Decreased By ▼ -0.07 (-0.06%)
UNITY 13.76 Decreased By ▼ -0.22 (-1.57%)
WTL 1.14 Decreased By ▼ -0.02 (-1.72%)
BR100 4,037 Decreased By -26.9 (-0.66%)
BR30 14,412 Decreased By -56.6 (-0.39%)
KSE100 40,471 Decreased By -262.4 (-0.64%)
KSE30 15,163 Decreased By -67.2 (-0.44%)

Wall Street rebounds as banks, energy surge

  • Trillium nearly triples on Pfizer's $2.26 bln deal
  • GM to take $1 bln hit on expanded Bolt EV recall, shares slip
  • Indexes up: Dow 0.66%, S&P 0.74%, Nasdaq 0.97%
Published August 23, 2021
Follow us

Wall Street's main indexes rose on Monday, with banks and energy shares leading the gains, as investors returned to riskier assets after a sharp selloff last week that was fanned by worries about slowing economic growth.

Nine of the 11 major S&P sectors advanced in early trading. Energy shares jumped 3.4% after losing 7.3% over the past week on fears new COVID-19 curbs would hit fuel demand.

Industrials and banks added 0.7% and 1.2%, respectively.

Pfizer jumped 3.9% after the US Food and Drug Administration gave full approval to the COVID-19 vaccine made by it and German partner BioNTech SE for use in people over the age of 16.

US FDA grants full approval to Pfizer-BioNTech COVID-19 vaccine

The S&P 500 and Dow slipped from all-time highs last week on worries that a surge in cases of the Delta variant would further hurt the economy at a time when growth was already beginning to slow.

At 10:04 a.m. ET, the Dow Jones Industrial Average was up 232.69 points, or 0.66%, at 35,352.77, the S&P 500 was up 32.79 points, or 0.74%, at 4,474.46.

The Nasdaq Composite was up 142.81 points, or 0.97%, at 14,857.47, with Facebook Inc, Apple Inc, Amazon.com, Google-owner Alphabet Inc and Tesla Inc all up between 0.6% and 2.7%.

The Federal Reserve's annual economic symposium in Jackson Hole, Wyoming, will now be closely watched for cues on when the central bank would start to taper its massive pandemic-era stimulus.

The summit will be held virtually, on Aug. 27, for a second straight year.

"People are expecting that the accommodative positioning of the Fed will stay in place for at least another handful of months as Delta has given the Fed to do nothing in the short term," said Thomas Hayes, managing member at Great Hill Capital in New York.

Pfizer to buy cancer drug developer Trillium in $2.3bn deal

"When you have so much liquidity in the system and there's not any other place to go with rates so low ... investors who have bought these dips have been amply rewarded. So I don't see that changing until when they announce taper."

Data showed US business activity growth slowed for a third straight month in August, with IHS Markit's flash Composite PMI output index, falling to 55.4 - the lowest since last December - from 59.9 in July.

Among other stocks, US-listed shares of Trillium Therapeutics Inc surged 188.4% after Pfizer agreed to buy remaining shares of cancer drug developer it does not already own in a $2.26 billion deal.

General Motors Co fell 2.9% after the largest US automaker said it would take a $1 billion hit to expand the recall of its Chevrolet Bolt electric vehicles due to the risk of fires from the high-voltage battery pack.

Oil jumps 3% on weaker dollar after seven days of losses

Advancing issues outnumbered decliners by a 3.36-to-1 ratio on the NYSE and a 3.61-to-1 ratio on the Nasdaq.

The S&P index recorded 48 new 52-week highs and no new low, while the Nasdaq recorded 65 new highs and 19 new lows.



Comments are closed.

Wall Street rebounds as banks, energy surge

Dar hits out at Imran Khan’s ‘irresponsible tweet’ about current govt

Islamabad court sends Sheikh Rashid on 14-day judicial remand

Analyst fears further rupee decline in coming days

Wikipedia asks Pakistan to restore access to its service

Pakistan to appeal to Taliban leader after terrorism surges

US allows seized Russian money to go to Ukraine aid: report

Industry yet to export any amount of sugar

PTI chief won’t attend APC: Umar

Alluding to PTI, PM asks where Rs417bn spent?

Govt says ‘will have to’ agree to IMF conditions