- Major equity indexes in the US register strong gains on Tuesday.
- Drugmaker Eli Lilly (LLY) rises nearly 18% as the top-performer.
- Upbeat US Retail Sales data boost retailer stocks.
Wall Street opened the day sharply higher on Tuesday boosted by the impressive increase seen in the Retail Sales figures. Although the coronavirus outbreak in Beijing seems to be weighing on market sentiment, the S&P 500 still gains 2.25% on the day at 3,135 points.
S&P 500 top movers
The drugmaker Eli Lilly and Co (LLY) announced on Tuesday that its experimental breast cancer treatment Verzenio produced the desired result in a late-stage study. Boosted by this development, LLY is trading at a fresh all-time high at $166.50, gaining nearly 18% on a daily basis.
Meanwhile, large retailers Nordstorm Inc (JWN), Kohl’s Corp (KSS) and Ross Stores Inc (ROST) shares are up 13.5%, 7.2% and 6.6% respectively. Earlier in the day, the US Census Bureau reported Retail Sales in May rose by 17.7% and surpassed analysts’ estimate for an increase of 8%.
On the other hand, Discovery Inc (DISCA) and ViacomCBS Cl B (VIAC) shares are both losing more than 3% as top-decliners.
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