Wallstreet Closes Higher, US approves Pfizer drug, Elon completes Sale of Tesla Stock

The US stock market closed higher on Wednesday with all the major indices posting gains after days of sell off driven by Omicron concerns. The Dow Jones Industrial Average closed 0.74% or 260 points higher, the Nasdaq 100 rose by as much as 1.18% while the S&P 500 climbed 1.02% with Tesla, up 7.49%, leading the gains on both indexes.

Shares of Pfizer rallied after the United States Food and Drug Administration (FDA) granted emergency use authorization for Pfizer’s COVID-19 drug, paxlovid. The drug, first of its kind registered in the US, will be used for treating COVID adults and pediatric patients with “mild-to-moderate coronavirus disease,” the FDA said in a statement.

Meanwhile, Shares of Tesla Inc skyrocketed on Wednesday after CEO Elon Musk said that he is close to completing his target of selling 10% of his stake in the company. In November, Musk began a process to sell shares after posting a poll on Twitter if he should do so. At the time, Musk vowed to “abide by the results of the poll, whichever way it goes” and noted selling stock would be the “only way” for him to pay taxes personally as he doesn’t take a cash salary or any bonuses.

Musk, Time’s Person of the Year for 2021, has sold over $12 Billion worth of Tesla’s shares in the past two months after his fans voted in favor of him selling 10% of his Tesla stock.

READ; US Market Shows Signs of Recovery After Monday Sell Off

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