Dow Jones Climbing ahead of Fed Congress Testimony: Stock Market Recap

The Dow Jones is back up Wednesday after dropping the previous day. The Fed testimony in Congress is the big news, and the market is fluctuating in response.

There has been a 1.11% increase in the Dow Jones since it opened on Wednesday morning. That is an increase of 179 points. Over on the S&P 500, that index is up 0.92%. The Nasdaq Composite rose 1.12% to round out the top three and showed that all three major indexes are up again.

The same three had fallen on Tuesday, and Federal Reserve Chairman Jerome Powell still has not spoken before Congress yet. However, the market is not waiting on news there to make fast and fierce trades. The rebound has now put the stock markets in a healthy spot to react to whatever Powell will have to say to Congress about inflation and interest rate cuts.

Stock Market Top Earners

The pharmaceutical company Aptorum Group gained an impressive 668% on Wednesday after they announced a merger with privately held YOOV. The merger has already been approved by the board of directors for both companies.

NKGen Biotech rose 345% as well after they announced an upcoming presentation of a new Alzheimer’s medication. Both NKGen Biotech and Aptorum Group are listed on the Nasdaq Composite.

Over on the Dow Jones, the biggest earner was Intel Corp, with a 4.97% increase, continuing its gains from the previous day.

Albemarle Corp on the S&P 500 rose 8.35%, making it that index’ biggest earner.

Pharmaceutical, biotechnology, and tech stocks lifted the indexes the most, but those niches were also some of the biggest losers. bioAffinity Technologies, for example, fell 46% from yesterday. Neptune Wellness Solutions, on the Nasdaq Composite, dropped 45.95% as well. These kinds of stocks are not bulletproof in the current economy and should not be expected to bounce back just because their particular industry is doing well on the indexes.