Dow Hits the Fast Lane Toward 15,000

Don't let it get away!

Keep track of the stocks that matter to you.

Help yourself with the Fool's FREE and easy new watchlist service today.

The Dow Jones Industrial Average (DJINDICES: ^DJI  ) jumped again today, riding a wave that carried the S&P 500 up 1.2% and lifted the Nasdaq 1.8%. The blue chips finished the day with a gain of 129 points, or 0.9%, topping 14,800 at the closing bell.

The Dow got some help from the Federal Reserve, which released the minutes from its Open Market Committee earlier than expected. After learning that 154 people had gotten the release, including employees at some major banks, the central bank was forced to release the notes at 9 a.m. instead of the usual 2 p.m. There was little new information from the Fed, but the news seemed to confirm investors' belief that the central bankers would keep present market stimulus measures in practice until the economy improves and the unemployment rate comes down. Some at the central bank said they wanted to reduce the Fed's bond buying, but overall the market interpreted the report favorably. Hopes for a better-than-expected earnings season also appeared to drive stocks higher.

While tech stocks pushed the Nasdaq up nearly 2%, pharmaceuticals were the biggest gainers on the Dow. Merck (NYSE: MRK  ) jumped 2.9% after announcing that the FDA had accepted a new drug application for Noxafil, a drug for the treatment prophylaxis of invasive fungal infections. Merck is seeking approval for daily use of the application, which is already used for patients over the age of 13 who are immunocompromised. The new drug application is the first step in a long approval process, but since the drug is already in use, its chances of passing are significantly higher.

Pfizer (NYSE: PFE  ) received similar good news today, climbing 2.8% after the FDA called its experimental breast cancer drug, Palbociclib, a "breakthrough therapy." The drug is in late-stage testing and could be a life-saving treatment for many women who suffer from the often-fatal form of cancer.

There were only four losers among the 30 Dow components today, among them Wal-Mart (NYSE: WMT  ) , which fell 1%. An Indian judge said he would seek more information from the world's largest retailer about its illegal lobbying activities in India. As Wal-Mart seeks to further penetrate the world's second-biggest country, it has again run into legal problems, which potentially include bribery. After hours, the company received some favorable news as the Retail Industry Leaders Association, which represents Wal-Mart along with other retailers, said it would opt out of a $7.2 billion settlement with Mastercard and Visa, a decision that could give retailers greater leverage over the credit card lenders that take a significant bite out of their profits.

Can Merck beat the patent cliff?
This titan of the pharmaceutical industry stumbled into 2013 and continues to battle patent expirations and pipeline problems. Is Merck still a solid dividend play, or should investors be looking elsewhere? In a new premium research report on Merck, The Fool tackles all of the company's moving parts, its major market opportunities, and reasons to both buy and sell. To find out more click here to claim your copy today.

Read/Post Comments (0) | Recommend This Article (3)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2357428, ~/Articles/ArticleHandler.aspx, 9/29/2016 10:01:38 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 18,330.38 -8.86 -0.05%
S&P 500 2,168.91 -2.46 -0.11%
NASD 5,309.47 -9.08 -0.17%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/29/2016 9:46 AM
^DJI $18328.80 Down -10.44 -0.06%
MRK $62.64 Down -0.66 -1.04%
Merck and Co. CAPS Rating: ****
PFE $33.80 Down -0.19 -0.56%
Pfizer CAPS Rating: ****
WMT $71.41 Down -0.38 -0.53%
Wal-Mart Stores CAPS Rating: ***