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Following the market opening Tuesday, the Dow traded up 0.36% to 29,968.46 while the NASDAQ rose 0.73% to 12,531.15. The S&P also rose, gaining 0.60% to 3,669.48.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 16,522,120 cases with around 300,720 deaths. India confirmed a total of at least 9,906,160 confirmed cases and 143,700 deaths, while Brazil reported over 6,927,140 COVID-19 cases with 181,830 deaths. In total, there were at least 73,011,770 cases of COVID-19 worldwide with over 1,624,810 deaths, according to data compiled by Johns Hopkins University.
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Leading and Lagging Sectors
Materials shares climbed 1% on Tuesday. Meanwhile, top gainers in the sector included Harmony Gold Mining Company Limited (NYSE:HMY), up 7%, and International Tower Hill Mines Ltd. (NYSE:THM), up 4%.
In trading on Tuesday, communication services shares rose by just 0.04%.
Top Headline
Eli Lilly & Co. (NYSE:LLY) announced a $1 billion deal to acquire Prevail Therapeutics (NASDAQ:PRVL).
Equities Trading UP
Prevail Therapeutics Inc. (NASDAQ:PRVL) shares shot up 83% to $22.92 after the company agreed to be acquired by Eli Lilly (NYSE:LLY).
Shares of OncoCyte Corporation (NYSE:OCX) got a boost, shooting 39% to $2.95. Burning Rock Biotech announced a licensing agreement with OncoCyte to bring the latter's DetermaRx, a risk stratification test for early stage lung cancer patients, to China.
Solid Biosciences Inc. (NASDAQ:SLDB) shares were also up, gaining 28% to $6.15. Solid Biosciences, last week, announced a $90 million private placement of 24.3 million shares at $3.70 per share.
Equities Trading DOWN
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Apartment Investment and Management Company (NYSE:AIV) shares tumbled 86% to $5.82 after the company announced it completed the separation of its businesses, making Apartment Income REIT a separate, publicly-traded company. The company is also being replaced by Tesla in the S&P 500.
Shares of CooTek (Cayman) Inc. (NYSE:CTK) were down 32% to $4.30 after the company reported results for the third quarter.
Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM) was down, falling 21% to $18.93 after the company priced its previously announced underwritten public offering of 3.75 million shares of its common stock at $20 per share for raising gross proceeds of $75 million.
Commodities
In commodity news, oil traded up 0.8% to $47.36, while gold traded up 1.3% to $1,855.80.
Silver traded up 2.4% Tuesday to $24.625 while copper rose 0.1% to $3.5275.
Euro zone
European shares were mixed today. The eurozone’s STOXX 600 rose 0.1%, the Spanish Ibex Index fell 0.4%, while Italy’s FTSE MIB Index gained 0.27%. Meanwhile, the German DAX 30 gained 0.8%, French CAC 40 rose 0.1% and London’s FTSE 100 fell 0.6%.
London is witnessing rise in infected cases after the discovery of a new variant of coronavirus. Eurozone industrial production increased 2.1% in October, slightly better than expected.
Economics
The Federal Open Market Committee will begin its two-day policy meeting today.
The New York Empire State Manufacturing Index declined to 4.9 in December versus 6.3 in November.
Prices for US imports rose 0.1% in November, while export prices gained 0.6%.
US industrial production rose 0.4% for November.
The Treasury International Capital report for October is scheduled for release at 4:00 p.m. ET.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.