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Indexes up: Dow 0.60%, S&P 500 1.22%, Nasdaq 1.96%
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Metsera ( MTSR ) slumps after Pfizer wins bidding war
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Health insurers fall after Trump's comments on healthcare
funds
(Updates after markets open)
By Twesha Dikshit and Purvi Agarwal
Nov 10 (Reuters) - Wall Street's main indexes gained on
Monday, following signs of progress in Washington to end a
record government shutdown that has stalled economic data
releases and intensified concerns over the state of the economy.
On Sunday, senators advanced a House-passed bill in a
procedural vote that will be amended to fund the government
until January 30. If passed in the Senate, it would require
House approval and President Donald Trump's signature, which
could take several days.
"If we do get an end of the shutdown, it would be a
near-term positive ... with positioning cleaner, we could see
some dip buying," said Mohit Kumar, an economist at Jefferies.
"It would also open the path for data releases ... we should
start seeing initial claims data and there should be sufficient
time to collect data for the employment report in early
December."
Most tech stocks jumped, with Nvidia ( NVDA ) gaining 3.4%,
while Alphabet and Amazon.com ( AMZN ) added 3% each.
Information technology and consumer discretionary
stocks were the biggest boosts to the S&P 500 index.
At 09:44 a.m. ET, the Dow Jones Industrial Average
rose 283.95 points, or 0.60%, to 47,271.05, the S&P 500
gained 81.91 points, or 1.22%, to 6,810.71 and the Nasdaq
Composite gained 451.61 points, or 1.96%, to 23,456.15.
The CBOE Volatility Index eased 1.12 points to 17.96,
retreating from a three-week high touched on Friday.
The small-cap Russell 2000 gained 1.4%, while a
broader semiconductor index rose 3.1%.
Airlines, which have been facing disruption and
government-mandated cuts due to air traffic control staffing
shortages, rose on hopes the shutdown would end, with United
Airlines and Delta Airlines adding 2.5% each.
White House economic adviser Kevin Hassett said in an
interview that fourth-quarter U.S. economic growth could be
negative if the closure continues.
On betting website Polymarket, predictions for an end to the
shutdown this week stood at 85%.
The longest federal shutdown in history has created a data
gap for the Federal Reserve and markets alike, leaving them
dependent on private data that has given a mixed picture of the
economy.
Optimism around artificial intelligence has fueled a bull
run in U.S. stocks this year, but concerns around monetization
and circular spending within the sector drove a bout of selling
in tech stocks last week. The Nasdaq marked its worst
performance in over seven months.
Meanwhile, the third-quarter earnings season approached its
conclusion. Of the 446 S&P 500 companies that have reported, 83%
have delivered better-than-expected earnings, according to data
compiled by LSEG.
Venture Global ( VG ) jumped 10% after the LNG exporter
swung to a profit in the third quarter.
Shares of health insurers dropped after the U.S. Senate
struck a deal to end the 40-day federal shutdown without
extending Affordable Care Act subsidies, setting up a December
vote on the issue instead.
Centene ( CNC ) fell 9.5% to the bottom of the S&P 500,
while Humana and Elevance Health ( ELV ) lost 2% each.
Metsera ( MTSR ) slumped 15.6% after Pfizer won a $10
billion bidding war to acquire the company.
Advancing issues outnumbered decliners by a 2.44-to-1 ratio
on the NYSE and by a 2.84-to-1 ratio on the Nasdaq.
The S&P 500 posted 15 new 52-week highs and 3 new lows while
the Nasdaq Composite recorded 57 new highs and 45 new lows.