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Mid-Afternoon Market Update: Dow Up Over 600 Points; Immunomedics Shares Surge

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Toward the end of trading Wednesday, the Dow traded up 2.77 percent to 22,394.95 while the NASDAQ climbed 3.73 percent to 6,424.02. The S&P also rose, gaining 2.75 percent to 2,415.70.

Leading and Lagging Sectors

Wednesday afternoon, the consumer discretionary shares climbed 4 percent. Meanwhile, top gainers in the sector included Vitamin Shoppe Inc (NYSE: VSI ) up 11 percent, and Points International Ltd. (NASDAQ: PCOM ) up 9 percent.

In trading on Wednesday, utilities shares fell 0.1 percent.

Top Headline

The S&P/Case-Shiller 20-city home price index rose 0.4 percent for October.

The index in the US rose 5.0 percent year-over-year in October, versus a revised 5.2 percent increase in September. Economists were expecting a 0.2 percent monthly increase and 4.8 percent yearly rise in prices.

Equities Trading UP

Immunomedics, Inc. (NASDAQ: IMMU ) shares got a boost, shooting up 10 percent to $16.20 after the company and Johnson Matthey announced the companies have expanded their long-term master supply agreement under which Johnson Matthey will continue to scale the manufacturing of Immunomedics' CL2A-SN-38.

Shares of Adial Pharmaceuticals, Inc. (NASDAQ: ADIL ) shot up 34 percent to $6.64 after rising 15.12 percent on Monday.

Chesapeake Energy Corporation (NYSE: CHK ) shares were also up, gaining 19 percent to $2.0555 after a director bought 2,100,000 shares at an average price of $1.965..

Equities Trading DOWN

XBiotech Inc. (NASDAQ: XBIT ) shares dropped 17 percent to $4.96.

Shares of Ever-Glory International Group, Inc. (NASDAQ: EVK ) were down 15 percent to $3.40.

Forterra, Inc. (NASDAQ: FRTA ) was down, falling around 14 percent to $3.35.

Commodities

In commodity news, oil traded up 7.38 percent to $45.67 while gold traded up 0.17 percent to $1,274.00.

Silver traded up 2.26 percent Wednesday to $15.155, while copper rose 1.65 percent to $2.705.

Eurozone

European markets will remain close on Wednesday for the Boxing Day holiday.

Economics

The S&P/Case-Shiller home price index rose 0.4 percent for October.

The Richmond Fed Manufacturing Index dropped to a reading of -8.00 for December, versus prior reading of 14.00. However, economists expected a reading of 16.00.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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