Closing Bell: On Semiconductor Jumps on Deal Moves; Stocks Rally

Wall Street enjoyed another rally, its second session in a row. High-momentum tech and consumer names led markets higher with industry giants Apple (AAPL), Alphabet (GOOGL) and Netflix (NFLX) pulling some of the best gains. Pfizer (PFE) climbed more than 1% as investors showed their relief after the drugmaker settled claims over its Medicaid rebates. However, that did cause the company to revise its fourth-quarter results to show a loss. Hormel Foods (HRL) jumped after nearly doubling quarterly profit. The company also boosted its full-year guidance on expected strength in its refrigerated and grocery segments as well as growth in international sales of Skippy peanut butter and Spam. On Semiconductor (ON) had its best day in around three months after its takeover target Fairchild Semiconductor (FCS) rejected a competing bid from a Chinese tech company.