Stocks Rose in Early Trading after More Positive Vaccine Data

U.S. stocks rose in early trading on Wednesday, after new data from Pfizer (PFE) helped stoke investor confidence that an effective vaccine will become available in the coming months. The Dow Jones Industrial Average lately advanced 135.98 points, or 0.46%, to 29,919.33. The S&P 500 was up 6.19 points, or 0.17%, to 3,615.72. The Nasdaq Composite gained 14.24 points, or 0.12%, to 11,913.58.

Oil futures rose Wednesday, extending gains after another positive step toward a COVID-19 vaccine. West Texas Intermediate crude for December delivery rose 91 cents, or 2.2%, to $42.34 a barrel. January Brent crude jumped $1.05, or 2.4%, to $44.80 a barrel.

Pfizer (PFE) reported Wednesday that it had concluded its Phase 3 trial of its vaccine candidate, and found its inoculation to be 95% effective against COVID-19. Pfizer added it now has the safety data required to be able to submit for emergency use authorization with the Food and Drug Administration “within days.”

Housing starts in the U.S. jumped by 4.9% in October over September to a 1.530 million seasonally adjusted annualized rate, the Commerce Department said Wednesday. This topped expectations fora. rise of 3.2%, according to Bloomberg consensus data.

The U.S. Federal Aviation Administration on Wednesday said it was lifting a ban on flying commercial 737 Max jets, following a nearly two-year long grounding of the aircraft after two deadly crashes. As part of the announcement, the FAA also included software upgrades and training changes that Boeing must provide.

Target (TGT) posted third-quarter sales and profit that far surpassed expectations. Target’s comparable sales grew 20.7%, or nearly double the 11.6% consensus estimate, according to Bloomberg-compiled data. Third-quarter adjusted earnings from continuing operations increased to $2.79, up from $1.36 over last year and above estimates for $1.60. To learn about other smart investment options, here you can learn to trade gold with high return margins.

Lowe’s (LOW), the home-improvement giant, reported third-quarter profit that missed estimates and a guided toward a slowdown in sales growth to round out the year. Third-quarter adjusted earnings were $1.98 per share, or two pennies below consensus analyst estimates. Net sales grew 28% over last year to $22.31 billion, and U.S. home improvement comparable sales grew 30.4%.