Wednesday was a rosy day for the stock market. All three major indexes rose after a day in the red on Tuesday. The standout was the Dow Jones Industrial Average, which gained 1.2%, or 478 points.
Merck
Helping lift the Dow was Merck, which surged 5% after it won approval for a drug that treats a potentially fatal lung condition, making it the top performer in the index. The S&P 500 rose 0.9%, while the Nasdaq Composite added 0.5%.
Carnival
Cruise-line operator Carnival's shares had a turbulent day: They sank in the morning after the company said it might see a hit of up to $10 million to net income from the bridge collapse in Baltimore. But the stock then recovered and ended the day up 0.9% as investors digested the actual magnitude of the impact. Carnival's latest results highlighted that the indebted cruise giant is making good progress on shedding debt and on occupancy and pricing.
Robinhood
Robinhood shares rose 3.8% after the company debuted its first credit card late Tuesday. The card is available to customers with a Robinhood Gold subscription, which itself costs $5 per month.
Oil Price
Brent crude prices edged down 0.3%, settling at $85.41 a barrel after a Wednesday report from the U.S. Energy Information Administration showed that commercial crude oil inventories rose by 3.2 million barrels in the week ending March 22 from the previous week. In a report on Wednesday, J.P. Morgan Global Commodities Research said oil prices could go up to $100 a barrel later this year due to Moscow's recent decision to reduce oil production.
Curiosity of the day: Leap day performance statistics!
That's all for today!
Daniel Silva
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