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Barchart
Rich Asplund

Stocks Settle Higher as Drug Makers and Chip Stocks Rally

SP Nasdaq Donald Trump United States Bank of America Global Research Conference Board US Federal Reserve Eli Lilly Pfizer SP 500

The S&P 500 Index ($SPX) (SPY) on Tuesday closed up +0.41%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.18%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.28%.  December E-mini S&P futures (ESZ25) rose +0.39%, and December E-mini Nasdaq futures (NQZ25) rose +0.26%.

Stock indexes recovered from early losses on Tuesday and settled higher.  Short covering emerged in stocks on Tuesday as pharmaceutical makers rallied after Pfizer agreed to slash some of its drug prices by up to 85% in exchange for a three-year reprieve from pharmaceutical tariffs.  The deal may set a path for other pharmaceutical makers to follow, with Eli Lilly and other major drugmakers in active discussions with the Trump administration to expand patient access and make medicines more affordable.  Also, the strength in chip makers on Tuesday lent support to the broader market. 

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