S&P 500 Hits Record High on Robust Merck, Pfizer Earnings

Jared Kushner Says He Is ‘Cleaning up the Messes’ Left by Joe Biden

President Trump’s senior adviser Jared Kushner said Tuesday that Americans are “sick and tired” of the Democrat-led attacks on the president, while adding that he has been cleaning up messes that were left by former Vice President Joe Biden. Biden had told “60 Minutes” that Kushner and his wife Ivanka, the president’s daughter, are “engaged in the day-to-day operation of things they know nothing about.” When asked if Kushner should be involved in Middle East peace talks, Biden responded with, “What credentials does he bring to that?” Days later, in an interview with an Israeli TV station, Kushner responded by saying that Biden isn’t a credible source to criticize his qualifications. “He’s entitled to his opinion, but a lot of the work that the president has had me doing over the…

The S&P 500 touched a record high on Oct. 29 as investors cheered strong earnings from big drugmakers Merck and Pfizer, while a disappointing profit from Google parent Alphabet kept the Nasdaq firmly in the red.

Hopes of a U.S.-China trade deal and expectations of another rate cut by the Federal Reserve when it concludes its two-day meeting on Wednesday have kept markets inching higher this week.

Merck & Co. Inc. and Pfizer Inc. both gained about 3 percent after reporting upbeat third-quarter results. The health care sector, which has been the second-worst performer among the 11 major S&P 500 sectors this year, rose 1.36 percent.

“The health care stocks are up after earnings and that’s a good sign,” said Shawn Cruz, manager of trader strategy at TD Ameritrade in Jersey City, New Jersey.

“Some of those stocks have gotten a little bit beat up due to political risk so there is a lot of room for an upside move.”

Shares of Alphabet Inc., however, slipped 2.1 percent as its quarterly profit missed estimates due to higher costs.

Third-quarter earnings of S&P 500 companies have largely been better than expected, easing some of the concerns over growth which have dogged markets this year, with over 77 percent of the 236 firms to report so far surpassing profit expectations, according to Refinitiv data.

Other marquee names reporting this week include tech and internet heavyweights Apple Inc. and Facebook Inc. as well as oil majors Exxon Mobil Corp. and Chevron Corp.

Stocks briefly pulled back from session highs after a U.S. administration official told Reuters that Washington and Beijing are continuing to work on an interim trade agreement, but it may not be completed in time for the U.S. and Chinese leaders to sign it in Chile next month.

All eyes are now on the Fed meeting, where the central bank is widely expected to deliver a quarter percentage point interest rate cut for the third time this year.

At noon on Oct. 29, the Dow Jones Industrial Average was up 30.49 points, or 0.11 percent, at 27,121.21 and the S&P 500 was up 5.23 points, or 0.17 percent, at 3,044.65. The Nasdaq Composite was down 23.24 points, or 0.28 percent, at 8,302.75.

General Motors Co. gained 5 percent after its quarterly net profit topped estimates but the carmaker slashed its earnings forecast for 2019 as the 40-day U.S. labor strike by the United Auto Workers union brought virtually all of its North American operations to a standstill.

Beyond Meat Inc. tumbled 19 percent as the vegan burger maker said it would need to offer more store discounts amid rising competition.

Shares of GrubHub Inc. plunged 43 percent after the online food delivery company warned of slowing growth as customers opted to choose from a growing pool of rival providers.

Advancing issues outnumbered decliners by a 1.22-to-1 ratio on the NYSE and a 1.11-to-1 ratio on the Nasdaq.

The S&P index recorded 41 new 52-week highs and no new lows, while the Nasdaq recorded 76 new highs and 55 new lows.

By Arjun Panchadar

This article is from the Internet:S&P 500 Hits Record High on Robust Merck, Pfizer Earnings

Vaping-Related Deaths Often Linked to Products With THC, a Cannabinoid

Of the 19 deaths where the CDC could obtain data on what substances were used, some 84 percent reported using THC-containing products, with 63 percent reporting that the victim had used THC-containing products exclusively. With 34 EVALI (E-cigarette or Vaping product use-Associated Lung Injury) deaths and 1,604 EVALI cases reported to the CDC to date, the explosion in the number of fatalities and patients experiencing vaping-related health medical issues has proved to be a puzzle for researchers. However, a new report by the CDC indicates that THC, a cannabinoid, might well be responsible, and not nicotine. OUTBREAK UPDATE: As of 10/22, a total of 1,604 cases of lung injury associated with use of e-cigarette, or vaping, products were reported from 49 states (all but Alaska), DC, & USVI. 34 deaths were confirmed in 24…