Midway through trading Monday, the Dow traded up 0.83 percent to 24,561.83 while the NASDAQ climbed 0.41 percent to 7,135.72. The S&P also rose, gaining 0.67 percent to 2,674.12.
Leading and Lagging Sectors;
In trading on Monday, information technology shares rose by just 0.1 percent.
Bank of America Corporation BAC 0.44% reported better-than-expected profit for its first quarter.
The bank said it earned $0.62 per share in the first quarter on revenue of $23.1 billion versus expectations of $0.59 per share on revenue of $23.06 billion.
Equities Trading UP;
Eldorado Resorts, Inc. ERI 17.37% shares shot up 16 percent to $41.2375 after the company announced plans to buy Tropicana Entertainment for $1.85 billion in cash. MGM Resorts International MGM 1.74% reported the sale of Grand Victoria Casino in Elgin, Illinois to Eldorado Resorts for $327.5 million in cash.
Shares of Alkermes plc ALKS 4.44% got a boost, shooting up 7 percent to $45.37 after the company reported the FDA acceptance for review of the NDA for ALKS 5461 for the adjunctive treatment of major depressive disorder.
Partner Communications Company Ltd. PTNR 7.11% shares were also up, gaining 8 percent to $4.51 after the company reported a collaboration deal with Amazon Video in Israel.
Equities Trading DOWN;
Celldex Therapeutics, Inc. CLDX 63.72% shares dropped 64 percent to $0.77 after the company disclosed that its METRIC study in metastatic triple-negative breast cancer did not meet primary endpoint.
Shares of Acacia Communications, Inc. ACIA 36.82% were down 34 percent to $26.3135. Optical stocks were trading under notable selling pressure Monday morning in reaction to the U.S. government’s move to ban American companies from selling their equipment to China’s ZTE Corp. The company said in a 10-K filing dated Feb. 22 it generates most of its revenue from a limited number of customers. Among its biggest customers is ZTE, which accounted for 30 percent of its entire revenue in 2017.
Apricus Biosciences, Inc. APRI 32% was down, falling around 31 percent to $0.288. The urology and rheumatology focused biopharmaceutical company said the FDA recommended the company reformulates its Vitaros therapy. Specifically, the FDA is recommending the company “develop a new Vitaros formulation that reduces the concentration of DDAIP.HCl from 2.5% to 0.5% in order to address the tumor promotion and partner transference safety concerns.”
In commodity news, oil traded down 1.25 percent to $66.55 while gold traded up 0.26 percent to $1,351.40.
Silver traded up 0.43 percent Monday to $16.73, while copper rose 1.12 percent to $3.1055.
European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.33 percent, the Spanish Ibex Index fell 0.01 percent, while Italy’s FTSE MIB Index gained 0.15 percent. Meanwhile the German DAX dropped 0.37 percent, and the French CAC 40 slipped 0.01 percent while U.K. shares fell 0.83 percent.
U.S. retail sales rose 0.6 percent for March, versus economists’ expectations for a 0.4 percent gain.
The Empire State manufacturing index declined to 15.80 for April, versus prior reading of 22.50. Economists expected a reading of 18.80.
U.S. business inventories rose 0.6 percent for February.
The housing market index slipped 1 point to a reading of 69 for April.
Atlanta Federal Reserve Bank President Raphael Bostic is set to speak in Florence, Alabama at 1:15 p.m. ET.
The Treasury International Capital report for February will be released at 4:00 p.m. ET.