Toward the end of trading Wednesday, the Dow traded up 2.21% to 28,087.29 while the NASDAQ rose 3.83% to 11,588.19. The S&P also rose, gaining 2.67% to 3,459.28.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 9,385,320 cases with around 232,630 deaths. India confirmed a total of at least 8,313,870 confirmed cases and 123,610 deaths, while Brazil reported over 5,566,040 COVID-19 cases with 160,490 deaths. In total, there were at least 47,521,750 cases of COVID-19 worldwide with over 1,215,750 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Health care shares climbed 5.3% on Wednesday. Meanwhile, top gainers in the sector included Biogen Inc. BIIB, up 43%, and Cassava Sciences, Inc. SAVA, up 34%.
In trading on Wednesday, materials shares fell 0.8%.
Top Headline
Performance Food Group Co PFGC reported better-than-expected results for its first quarter.
Performance Food reported quarterly earnings of $0.25 per share, beating analysts’ estimates of $0.14 per share. The company posted sales of $7.05 billion, surpassing expectations of $6.99 billion.
Equities Trading UP
Cassava Sciences Inc SAVA shares shot up 29% to $11.86 after the company announced additional data from the Phase 2b study of sumifilam in patients with Alzheimer's disease. Patients treated with it showed a statistically significant treatment benefit.
Shares of Biogen Inc BIIB got a boost, shooting 40% to $345.50 after FDA briefing documents showed company provided evidence of effectiveness to support approval of aducanumab in Alzheimer's. Wells Fargo upgraded Biogen to Overweight.
Super Micro Computer, Inc. SMCI shares were also up, gaining 20% to $27.75 as the company reported better-than-expected results for its first quarter and issued strong earnings forecast for the current quarter. The company also announced a $50 million buyback plan..
Equities Trading DOWN
Repro Med Systems, Inc. KRMD shares tumbled 30% to $4.30
after the company reported Q3 results.
Shares of RealNetworks Inc RNWK were down 16% to $1.29 after the company reported worse-than-expected Q3 sales.
Andersons Inc ANDE was down, falling 15% to $19.16 after the company reported Q3 results.
Commodities
In commodity news, oil traded up 3.7% to $39.07, while gold traded down 0.8% to $1,895.80.
Silver traded down 1.9% Wednesday to $23.865 while copper rose 0.4% to $3.1050.
Euro zone
European shares closed mostly higher today. The eurozone’s STOXX 600 rose 2.05%, the Spanish Ibex Index rose 0.45%, while Italy’s FTSE MIB Index climbed 1.96%. Meanwhile, the German DAX 30 gained 1.95%, French CAC 40 rose 2.44% and London’s FTSE 100 rose 1.67%.
Germany's Composite PMI improved to 55 for October, while the Services PMI activity fell to 49.5. Eurozone composite PMI was revised higher to 50 for October versus a preliminary estimate of 49.4.
Economics
The Federal Open Market Committee will begin its two-day policy meeting today.
US private businesses hired 365,000 workers in October, the ADP reported.
The US trade deficit shrank to $63.9 billion in September versus $67 billion in August.
The IHS Markit composite PMI was revised higher to 56.3 for October versus a preliminary reading of 55.
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