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  • S&P 500 Index posts strong gains on Wednesday.
  • Alexion Pharmaceuticals Inc (ALXN: NASDAQ) shares rise sharply on price target hikes.
  • Cboe Global Markets Inc (CBOE: CBOE) shares are down more than 2%.

The S&P 500 Index (SPX) opened the day decisively higher and extended its rally on hopes of lawmakers passing standalone stimulus bills to support the economy. At the moment, the SPX is up 1.76% on a daily basis at 3,420 and remains on track to post its highest daily close in more than a month.

S&P 500 top movers

Earlier in the day, RBC Capita Markets announced that it raised its price target for Alexion Pharmaceuticals Inc (ALXN: NASDAQ) shares to $139 from $136. Additionally, Evercore ISI and Jefferies hiked their price targets to $150 from $115.25 and to $117 from $114, respectively. Boosted by these developments, ALXN is the biggest daily percentage gainer of the day, up 8.03% at $125.4.

Freeport-McMoRan Inc (FCX: NYSE), Gap Inc (GPS: NYSE) and Tapestry Inc (TPR: NYSE) stocks are among the other top performers of the day, gaining between 7.2% and 6.2%.

On the other hand, Cboe Global Markets Inc (CBOE: CBOE) shares are down 2.2% at $84.90 as the biggest loser on Wednesday. On Tuesday, Wells Fargo said that it lowered its price target for CBOE from $110 to $105.