Here Are 3 Hot Things to Know About Stocks Right Now
- Stocks posted their first three-day winning streak of 2018 as the Dow jumped 0.16% on Tuesday, the S&P 500 rose 0.26% and the Nasdaq popped 0.45%.
- Stocks gained about 3% Friday and Monday.
- Major gainers on Tuesday included GNC Holdings, up 17%, Under Armour, up 16% and AmerisourceBergen, which gained 9%.
Wall Street Overview
Stocks finished higher on Tuesday, Feb. 13, keeping alive a winning streak that saw Wall Street rise for three days in a row for the first time in 2018.
The Dow Jones Industrial Average was up 39 points, or 0.16%. The S&P 500 gained 0.26% and the Nasdaq was up 0.45%. The leading gainers on the Dow were Caterpillar Inc. (CAT) and Walmart Inc. (WMT) , which rose 1.1% and 1.4%, respectively.
The Dow gained 410 points, or 1.7%, on Monday, Feb. 12, the S&P rose 1.39% and the Nasdaq jumped 1.56%.
Investors remained anxious ahead of inflation data from the U.S. on Wednesday, Feb. 14, amid fears that a stronger-than-expected reading could trigger another stock selloff. Economists expect the Consumer Price Index to increase at an annual rate of 1.9% in January, down from 2.1% a year earlier.
The 10-year Treasury note yield traded at 2.844% on Tuesday after rising on Monday to a four-year high of 2.902%.
Federal Reserve Chairman Jerome Powell said Tuesday during his swearing-in ceremony that the central bank needed to "remain alert to any developing risks to financial stability."
Powell said the Fed has begun "gradually" raising interest rates and trimming its massive holdings of Treasury bonds. He added the Fed is seeking to normalize its policies in a way that will extend the recovery and bolster its goals of achieving stable inflation and maximum employment.
Shares of AmerisourceBergen Corp. (ABC) gained 9% on Tuesday following a Wall Street Journal report that said the drug distributor had been approached about a takeover by Walgreens Boots Alliance Inc. (WBA) . Walgreens declined 0.25%.
Representatives of Walgreens CEO Stefano Pessina reached out several weeks ago to representatives of AmerisourceBergen CEO Steven Collis, according to people familiar with the matter, the Journal reported. They discussed the possibility of Walgreens buying the portion of AmerisourceBergen it doesn't already own, though there isn't an offer on the table, the people said.
Walgreens currently controls about 26% of AmerisourceBergen.
Shares of Teva Pharmaceutical Industries Ltd. (TEVA) declined nearly 4% on Tuesday after Novartis AG's (NVS) Sandoz unit announced it had gained approval from the Food and Administration for a generic version of Teva's multiple sclerosis drug Copaxone.