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The Dow Jones Industrial Average rose over 100 points or 0.5%, while the S&P 500 was higher by 0.6% and the Nasdaq Composite up 0.3%.
TickerSecurityLastChangeChange %DISWALT DISNEY COMPANY137.58+2.11+1.56%
Disney fueling some of the gains in the early session after reporting better-than-expected quarterly results, even with the negative impact of the pandemic.
Other stocks getting an earnings boost; Cisco which benefited from a jump in teleconferencing tied to the rise of working from home. The stock is on pace for the best session since February 2018.
Aso, DraftKings is jumping after boosting its outlook, as sporting events restart.
Other stocks to watch this morning include Pfizer, BioNTech, Eli Lilly along with Regeneron and Moderna.
Health and Human Services Secretary Alex Azar, speaking on FOX Business, said the distribution network is ready to go once a vaccine arrives.
“Pfizer will be doing its own direct distribution to pharmacies that we ask them to send to based on the instructions of our nation's governors under their distribution plan. So the vaccine will arrive at these pharmacies, white-glove service and the pharmacies will then execute distribution plans to the targeted populations that the governors have selected" he explained.
TickerSecurityLastChangeChange %PFEPFIZER INC.38.30+0.76+2.02%BNTXBIONTECH SE105.86+4.23+4.17%LLYELI LILLY & COMPANY142.68+1.64+1.16%REGNREGENERON PHARMACEUTICALS INC.564.11+7.33+1.32%MRNAMODERNA INC.89.64+1.83+2.09%
DOW AND S&P 500 ON PACE FOR WEEKLY GAINS
Any gains on Friday will extend the Dow's weekly rise of nearly 3% and a more modest 0.8% for the S&P 500. The Nasdaq is pacing for a 1.6% drop as investors rotated out of large-cap take for several sessions.
Stocks slipped Thursday after Fed Chair Jerome Powell warned on rising COVID-19 cases. "With the virus spreading now it could be a challenging two months," he said during a Q&A session at the European Central Bank Forum.
OIL SLIPS LOWER
Oil trended down to the $40 per barrel level as investors debate how much demand may rebound when a vaccine hits the market.
As for economic data, the Producer Price Index rose 0.5% year-over-year slightly higher than estimates tracked by Refinitiv. Excluding the volatile food and energy component, prices rose 1.1% year-over-year.
In other reports, the University of Michigan’s preliminary index of consumer sentiment for November came in at 77 slightly below the expected 82. This represents a real-time sentiment picture vs. other lagging indicators.
"The outcome of the presidential election as well as the resurgence in covid infections and deaths were responsible for the early November decline," wrote Surveys of Consumers chief economist, Richard Curtin.