Stocks rose in morning trading on Wall Street Tuesday as investors are tempted by lower prices a day after the S&P 500 hit its lowest level in more than a year
The S&P 500 rose 1% as of 10:11 a.m. Eastern. The benchmark index clawed back some of its losses from a day prior when it slumped 3.2%. The Dow Jones Industrial Average rose 166 points, or 0.5%, to 32,417 and the Nasdaq rose 1.6%.
Health care companies also made solid gains. Pfizer rose 1.7% as it moves to buy migraine treatment developer Biohaven Pharmaceuticals for $11.6 billion. Pfizer already owns a portion of that company. The central bank has raised its key rate from close to zero, where it sat for much of the coronavirus pandemic. Last week, it indicated it will double the size of future increases from its usual margin.
tumbled 13% as the former pandemic darling of investors reported another quarter of lackluster earnings. Food distributor Sysco rose 8.2% after beating Wall Street's financial forecasts.
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