01:53 PM EDT, 07/24/2024 (MT Newswires) -- Health care stocks were rising Wednesday afternoon, with the NYSE Health Care Index up 0.7% and the Health Care Select Sector SPDR Fund (XLV) adding 0.8%.

The iShares Biotechnology ETF (IBB) was 0.7% higher.

In corporate news, Thermo Fisher Scientific ( TMO ) shares climbed 3.1%. The company increased its full-year earnings outlook on Wednesday as its Q2 results beat market expectations.

Boston Scientific ( BSX ) reported stronger-than-expected results for Q2, aided by broad portfolio revenue gains, as the company raised its full-year outlook. Its shares were down 1.1%.

Pieris Pharmaceuticals ( PIRS ) shares skyrockted 79%. The company and Palvella Therapeutics said Wednesday they have agreed to merge in an all-stock deal.