Stocks ended mixed Thursday, with the S&P 500 reaching another record close, as investors reacted to Federal Reserve Chairman Jerome Powell's outline for a new policy approach from the central bank.
Powell said the central bank would seek inflation that averages 2% over time and adopted a new strategy that reflects the Fed's "view that a robust job market can be sustained without causing an outbreak of inflation."
Here are some of the market's biggest gainers for Thursday:
1. Abercrombie & Fitch | Percentage Increase Over 8%
Abercrombie & Fitch (ANF) - Get Report shares jumped after the clothing retailer reported stronger-than-expected earnings for its fiscal second quarter as soaring digital sales helped lessen the blow of the coronavirus pandemic.
2. BMC Stock Holdings | Percentage Increase Over 22%
BMC Stock Holdings (BMCH) - Get Report shares rose after the residential building products supplier entered into an all-stock merger with Builders FirstSource (BLDR) - Get Report. The combined companies have more than $11 billion in sales. The transaction is expected to close in late 2020 or early 2021.
3. VBI Vaccines | Percentage Increase Over 32%
VBI Vaccines (VBIV) - Get Report advanced after the biopharma said it expected to begin human testing of two of its experimental coronavirus vaccine candidates at the end of the year. The candidates were selected after three pre-clinical mouse studies induced neutralizing antibodies following a single dose.
4. Rhythm Pharmaceuticals | Percentage Increase Over 20%
Rhythm Pharmaceuticals (RYTM) - Get Report climbed after Canaccord Genuity Analyst Arlinda Lee recently maintained a buy rating on the biotech and set a price target of $31. Stifel Nicolaus and Ladenburg Thalmann & Co. gave the company buy ratings last month.
5. Veoneer | Percentage Increase Over 17%
Veoneer (VNE) - Get Report rose after the auto technology company said it will collaborate with Qualcomm Technologies (QCOM) - Get Report to develop a software and chip platform for driver-assistance systems. The company said it had signed a non-binding letter of intent and expected to finalize a definitive agreement in the second half of the year.