The major averages have seen some further upside in recent trading, reaching new highs for the young session. The Dow is up 128.42 points or 0.8% at 16,489.88, the Nasdaq is up 34.13 points or 0.8% at 4,109.69 and the S&P 500 is up 12.45 points or 0.7% at 1,875.85.
The early strength on
Pfizer noted that it previously offered to acquire
Positive sentiment was also generated by the recent release of a report from the
NAR said its pending home sales index surged up by 3.4% to 97.4 in March after edging down by 0.5% to a revised 94.2 in February. Economists had been expecting a much more modest increase of about 0.6%.
A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.
Biotechnology and pharmaceutical stocks are moving sharply higher as a result of the M&A news, with the NYSE Arca Biotechnology Index and the NYSE Arca Pharmaceutical Index jumping by 1.7% and 1.8%, respectively.
Housing stocks are also seeing considerable strength on the heels of the pending home sales data, resulting in a 1.5% advance by the Philadelphia Housing Sector Index.
Software, tobacco, and computer hardware stocks are also seeing early strength, while gold stocks are bucking the uptrend amid a modest decrease by the price of the precious metal.
In overseas trading, stock markets across the
Meanwhile, the major European markets are seeing modest strength on the day. While the
In the bond market, treasuries have come under pressure on the heels of the upbeat housing data. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2.9 basis points at 2,695%.
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