Boeing, Pfizer give Dow boost, oil ticks higher

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Stocks resumed their upward trend on Wednesday after Pfizer delivered more positive vaccine news, combined with more solid retail earnings and positive news for Dow member Boeing.

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The Federal Aviation Administration approved Boeing’s 737 Max jet to fly again pushing the stock higher. GE rose in tandem.

Ticker Security Last Change Change %
BA BOEING COMPANY 212.05 +2.02 +0.96%
GE GENERAL ELECTRIC COMPANY 9.89 +0.20 +2.12%

BOEING LIFTING DOW

The Dow Jones Industrial Average rose over 100 points, while the S&P 500 and Nasdaq were little changed in early trading.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 29822.67 +39.32 +0.13%
SP500 S&P 500 3614.07 +4.54 +0.13%
I:COMP NASDAQ COMPOSITE INDEX 11934.776728 +35.43 +0.30%

Pfizer shares rose after it announced a 95% efficacy rate in its Phase 3 trial for its COVID-19 vaccine. Earlier this month, it said it had a 90% efficacy rate for the first 94 patients.

Ticker Security Last Change Change %
PFE PFIZER INC. 36.62 +0.58 +1.61%
BNTX BIONTECH SE 89.34 +2.41 +2.77%

RETAIL ON TAP

Target shares rose more than 4% after the Walmart competitor said it earned $2.79 a share on $22.34 billion in sales, compared to analysts’ expectations of $1.60 on $20.93 billion in sales in its most recent quarter.

Lowe’s, which competes with Home Depot in the home improvement space, fell after it reported $1.98 a share on $21.17 billion in sales. Traders were expecting earnings of $1.99 a share on $21.25 billion in revenue, up 22.2% year-over-year.

Ticker Security Last Change Change %
LOW LOWE’S COMPANIES INC. 150.09 -9.76 -6.10%
TGT TARGET CORP. 171.58 +8.27 +5.07%
TJX TJX 63.72 +2.60 +4.25%

TJX Co. also moved higher after the discount retailer earned 71 cents a share on $10.12 billion in revenue. Traders expected TJX to earn 40 cents a share on $9.36 billion in sales.

S&P TAKES BREATHER AS SMALL CAPS, TRANSPORTS HIT RECORDS

Ticker Security Last Change Change %
NVDA NVIDIA CORPORATION 540.19 +3.30 +0.61%
L LOEWS CORP 43.77 +0.11 +0.25%

After the market closes, semiconductor giant Nvidia and L Brands are among the companies reporting their latest results.

FRESH LOOKS AT HOUSING, CRUDE OIL

Several economic reports tied to the U.S. housing markets were released, showing the continued strength of the sector.

Mortgage applications for the week ending Nov. 14 fell 0.3%, while U.S. housing starts and building permits for October came in at 1.53 million and 1.54 million, respectively.

The Energy Information Administration said crude oil stocks rose 768,000 barrels, well below the estimate of a jump of 1.65 billion barrels. After the weekly inventory report, crude oil rose on Wednesday to $42.16 a barrel, a gain of 1.7%.

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GOLD DIPS

In other commodities, cold declined to $1,872.90 an ounce, a decline of 0.6%.

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