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Dow Jones Surge and Gilead Sciences’ Acquisition of CymaBay Therapeutics Fury on Wall Street: Dow Surges Over 150 Points with Gilead Sciences’ $4.3B Acquisition of CymaBay Therapeutics

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U.S. stocks traded higher midway through trading, with the Dow Jones index jumping over 150 points on Monday. The Dow traded up 0.48% to 38,856.99 while the NASDAQ rose 0.26% to 16,031.87. The S&P 500 also rose, gaining 0.30% to 5,041.87.

Leading and Lagging Sectors

Energy shares rose by 1.1% on Monday, while health care shares fell by 0.1% in trading.

Major Acquisition Unleashes Market Optimism

Gilead Sciences Inc (GILD) agreed to acquire CymaBay Therapeutics Inc (CBAY) for $32.50 per share in cash, culminating in a total equity value of $4.3 billion.

The addition of CymaBay’s investigational lead product candidate, seladelpar for primary biliary cholangitis (PBC) including pruritus, complements Gilead’s existing liver portfolio, propelling enthusiasm in the stock market.

Equities Trading UP and DOWN

Beamr Imaging Ltd. (BMR) shares shot up 975% to $22.70 after the company announced its participation in the ACM Mile-High-Video 2024 conference, in partnership with NVIDIA.

On the flip side, AN2 Therapeutics, Inc. (ANTX) shares faced a downward spiral, plummeting 75% to $5.04 after the announcement to voluntarily pause enrollment in a pivotal clinical trial. WiSA Technologies, Inc. (WISA) couldn’t stay afloat either, dipping 37% to $0.05 after a unit offering resulted in gross proceeds of $10 million.

Commodities and Global Market Movements

In commodity news, oil traded down 0.2% to $76.69 while gold traded down 0.4% at $2,029.70. However, silver traded up 0.4% to $22.675, and copper rose 0.9% to $3.7150 on Monday.

European shares rose today, with the Eurozone’s STOXX 600, London’s FTSE 100, Germany’s DAX, France’s CAC 40, and Italy’s FTSE MIB Index all displaying positive movements. Yet, Asia Pacific markets closed lower, with India’s S&P BSE Sensex falling 0.60% and Australia’s S&P/ASX 200 falling 0.39%.

Upcoming Economic Developments

The U.S. Treasury statement for January will be released at 2:00 p.m. ET, commemorating a crucial milestone in the economic landscape.

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