Nasdaq, S&P rise 1% driving day two of stock gains

3Q GDP slipped to 2.3% vs. 6.7% in 2Q

U.S. stocks rose for the second straight session as traders digested positive economic news and the Food and Drug Administration's approval of  Pfizer's COVID-19 pill for use in adults and children ages 12 and older. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 35911.81 -201.81 -0.56%
SP500 S&P 500 4662.85 +3.82 +0.08%
I:COMP NASDAQ COMPOSITE INDEX 14893.75271 +86.94 +0.59%

The Dow Jones Industrial Average rose 261 points or 0.6% building on its 560 point advance on Tuesday while the S&P 500 and Nasdaq Composite rose 1% each. 

Positive economic data included an uptick in the Consumer Confidence Index to the best level since July, a better than expected 3Q GDP report of 2.3%, albeit well below July's 6.7% jump and home sales that rose 1.9%. 

And the fight against COVID-19 also helped sentiment after the FDA said an oral pill to treat the virus is a game-changer. 

"Today’s authorization introduces the first treatment for COVID-19 that is in the form of a pill that is taken orally — a major step forward in the fight against this global pandemic," said Patrizia Cavazzoni, M.D., director of the FDA’s Center for Drug Evaluation and Research in a statement. Merck is also waiting on the FDA for its oral treatment. 

Ticker Security Last Change Change %
PFE PFIZER INC. 54.95 -0.59 -1.06%
MRK MERCK & CO. INC. 81.38 +0.06 +0.07%

Other vaccine makers remained active among investors as rising cases of COVID-19 get reported and as Americans seek booster shots.  

Ticker Security Last Change Change %
MRNA MODERNA INC. 204.73 -5.44 -2.59%
PFE PFIZER INC. 54.95 -0.59 -1.06%
BNTX BIONTECH SE 196.00 -6.99 -3.44%

Tesla shares rose after CEO Elon Musk signaled his year-end stock selling spree is over, for now, according to an interview he gave to the Babylon Bee. 

Ticker Security Last Change Change %
TSLA TESLA INC. 1,049.61 +18.05 +1.75%

Caterpillar was among the Dow's top stocks after Bernstein upgraded the shares to an outperform forecasting a $240 price target. Deere slipped. 

Ticker Security Last Change Change %
CAT CATERPILLAR INC. 228.94 +1.94 +0.85%
DE DEERE & CO. 379.56 -0.83 -0.22%

Amazon shares also rose despite another morning outage of AWS - its cloud service which knocked multiple workplaces offline. 

Ticker Security Last Change Change %
AMZN AMAZON.COM INC. 3,242.76 +18.48 +0.57%

In earnings, BlackBerry shares reversed earlier losses to close with a gain after it reported better than expected quarterly results. Through Tuesday, the shares have gained 39%.

Ticker Security Last Change Change %
BB BLACKBERRY LTD. 9.04 +0.10 +1.12%

Apparel maker Naked Brand is active as it began trading post a 1-for-15 split-adjusted basis.

Ticker Security Last Change Change %
NAKD n.a. n.a. n.a. n.a.

US PENDING HOME SALES UNEXPECTEDLY FALL IN SEPTEMBER

In commodities, oil closed higher at $72.76 per barrel level with an unexpected 4.7 million barrel drop in weekly inventories as reported by the EIA. 

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 59.97 +1.70 +2.92%

MAERSK STRIKES DEAL TO BUY LF LOGISTICS FOR $3.6 BLN

In global deals, AP Moeller-Maersk AS said it has agreed to buy LF Logistics Holdings Ltd. in an all-cash deal. The Danish shipping company said it would acquire 100% of the private, Asia-Pacific-based logistics company for an enterprise value of $3.6 billion.

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FOX Business' Ken Martin and The Associated Press contributed to this report.