US stocks close higher after COVID pill gets approval

By Ovunc Kutlu

ANKARA (AA) - Major US stock indexes closed with gains Wednesday as the nation’s health regulator approved a pill to treat coronavirus symptoms at home, lowering investors' worries about the pandemic.

The Dow Jones industrial average rose 261 points, or 0.74%, to close at 35,753. The S&P 500 increased 47 points, or 1.02%, to 4,696.

The Nasdaq jumped 180 points, or 1.18%, to end at 15,521, while Pfizer's stock price gained almost 1% on the news on the pill.

The drug, Paxlovid, was approved by the Food and Drug Administration (FDA). Having almost 90% effectiveness, it will be available by prescription after a patient gets a positive test for the virus, and it is most effective when given within five days of symptoms to treat those at home.

The VIX volatility index, known as the fear index, was down 11.5% to 18.60.

The dollar index was down 0.47% to 96.02, while the yield on 10-year US Treasury notes fell 2.04% to 1.457%.

Precious metals were on the rise with gold adding 0.84% to $1,804 per ounce and silver increasing 1.36% to $22.82.

Crude prices were up with Brent crude trading at $75.47 per barrel with a 2.04% gain, while US benchmark West Texas Intermediate crude was at $72.92 -- a 2.53% increase.