U.S. stocks rallied and the S&P registered its highest close of the year on Friday, starting December on an upbeat note as remarks from Federal Reserve Chair Jerome Powell bolstered the view that key policy rates have peaked. All three major U.S. stock indexes advanced, with economically sensitive transports and smallcaps enjoying the most robust gains. "Those sectors - the cyclicals - they're the most hated parts of the market year-to-date, (and they) are the parts that are leading," said Scott Ladner, chief investment officer at Horizon Investments in Charlotte, North Carolina.
U.S. stocks advanced on Friday, starting December with a broad rally as remarks from Federal Reserve Chairman Jerome Powell bolstered the view that interest rates have peaked. All three major U.S. stock indexes were higher, with economically sensitive transports and smallcaps enjoying the most robust gains.
Shares of Pfizer (NYSE: PFE) were sinking 4.4% lower as of 11:10 a.m. ET on Friday after falling as much as 7.1% earlier in the morning. The sell-off came after the company announced that it's throwing in the towel on a twice-daily version of experimental weight-loss pill danuglipron. Pfizer made the decision based on results from a phase 2b clinical study of danuglipron.