Stocks ended down Thursday after Federal Reserve Chairman Jerome Powell said the U.S. economy would continue struggling without help from Congress, while the central bank indicated it would keep interest rates low through at least 2023.
Here are some of the market's biggest gainers for Thursday:
1. 51Job | Percentage Increase Over 16%
51Job (JOBS) - Get Report was climbing after the Shanghai-based human resources company said it has received an unsolicited buyout bid from DCP Capital Partners for $79.05 a share in cash. The company said its board plans to evaluate the proposal.
2. Herman Miller | Percentage Increase Over 33%
Herman Miller (MLHR) - Get Report advanced after the office furniture maker beat Wall Street's first-quarter earnings expectations. The company said strong retail performance and improving global trends helped offset near-term demand pressures in North America.
3. Sorrento Therapeutics | Percentage Increase Over 13%
Sorrento Therapeutics (SRNE) - Get Report shares jumped Thursday after the biopharmaceutical company received Food and Drug Administration approval for a Phase 1 trial of its neutralizing coronavirus antibody for hospitalized coronavirus patients.
4. Dr. Reddy's Laboratories | Percentage Increase Over 6%
Dr. Reddy's Laboratories (RDY) - Get Report was climbing after the Indian drug company and the Russian Direct Investment Fund agreed to cooperate on clinical trials and distribution of Russia's COVID-19 vaccine named Sputnik V in India. RDIF will supply Dr. Reddy's with 100 million doses of the vaccine. Delivery could begin in late 2020.
5. U.S. Steel | Percentage Increase Over 8%
U.S. Steel (X) - Get Report was rising on news that raw steel production in the United States was continuing to rise after being severely curtailed by the coronavirus pandemic. The company has raised prices on new orders of flat-rolled products by a minimum of $60 a ton, Bloomberg reported.