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Market opens strong; stocks wrap up higher to reverse losses from last week
Stocks traded higher with the opening session so strongly supported by the investors that are looking forward to the announcement from the Federal Reserve's Jackson Hole Symposium which will start in the latter part of the week.
Market summary can be viewed as:
The positive sentiment and outlook manage to extend to other assets such as oil, with its downward trajectory, managed to bounce back and get some breathing room. US WTI crude oil futures landed at $64 per barrel, while world standard Brent crude also increased to slightly higher than $67 a barrel after a sapping week that set oil's longest lose streak ever since 2018.
The Dow followed the trend and jumped as shares of Chevron and Boeing rose. The pharmaceutical company Pfizer shares also saw huge gains after the company's announcement of its plan to acquire Trillium Therapeutics, a company that focuses on creating drugs to cure or deal with cancer, for $2.3 billion. In addition to this, Pfizer's COVID-19 vaccine was approved by the US FDA after being used for quite a while with emergency authorization, the vaccine is now fully authorized.
More Q2 earnings prints and economic data have also been presented, with profits from corporate world continuing a strong showing. About 90% of S&P 500 companies managed to exceed analyst estimates in terms of earnings per share. This result came in despite the continuous ravaging of the delta variant allowing concerns to flare up every now and then, especially with the labor, supply chain and material shortages.
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