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US stocks climb on healthcare boost
U.S. stock indices rose today, Wednesday, supported by growth in the healthcare sector and a decline in government bond yields, which boosted investor appetite for high-risk assets. Moderna's shares more than doubled after positive results showed that its personalized cancer treatment using mRNA technology reduces the risk of cancer recurrence and spread. Meanwhile, Merck's stock increased by 11.2%. Biotechnology companies like Novavax and BioNTech also saw notable gains. The Standard & Poor's 500 Health Sector Index rose by 2.9% to reach a record high. The yield on the 30-year U.S. Treasury bonds decreased to 5.203% after the Treasury announced plans to increase buybacks of long-term bonds to support liquidity, amid fears of inflation and its impact on the market. Regarding corporate earnings, stocks of Target and Estée Lauder advanced, while expectations of an interest rate hike from the Federal Reserve continued, with increasing focus on monetary policy directions.
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