Wall Street Hits New Highs as Pfizer Deal Lifts Market
Wall Street closed Tuesday with broad gains, as the Dow Jones Industrial Average and S&P-500 index reached new highs. Pfizer's stock surged following a deal with the US government to lower drug prices.
The Dow Jones Industrial Average climbed 0.18 percent to 46,397.89 points, boosted by Merck & Co's stock, which was the index's top performer with a 6.8 percent gain. The S&P-500 index rose 0.41 percent to 6,688.46 points, led by Pfizer, which jumped 6.8 percent after the US government announced an agreement to sell drugs to Americans at significantly lower prices within Medicaid.
Pfizer CEO Albert Bourla confirmed the company had secured a three-year reprieve from Trump's announced tariffs on drugs through this agreement. The deal involves charging most-favored-nation pricing to Medicaid and participating in the TrumpRx platform to offer discounts on many treatments. In September, the Dow Jones Industrial Average gained 1.9 percent, and in the third quarter, it was up 5.2 percent.
Nvidia's shares reached a new record high with a gain of 2.6 percent, rising for the fourth consecutive trading day. The Nasdaq Composite, heavily weighted with technology stocks, recorded a gain of 5.4 percent in September and increased by 8.8 percent in the third quarter. Lam Research continued its record run in the Nasdaq 100, rising by 2.1 percent.
Despite concerns about a potential government shutdown in the US, which could be 'no picnic for the markets,' investors remained optimistic. The Dow Jones Industrial Average and S&P-500 index closed at new highs, reflecting a positive outlook on the economy and corporate earnings.
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