Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.7%), Nasdaq Composite (+0.8%), and DJIA (+0.6%) are firmly higher just after midday. 

Only the health care sector (-0.1%) holds a modest loss. Merck (MRK 111.41, +0.42, +0.38%) trades modestly higher after reportedly engaging in discussions to acquire Revolution Medicines (RVMD 112.96, +5.57, +5.19%) in a deal valued between $28 and $32 billion, or possibly more, according to the Financial Times. The potential acquisition aims to bolster MRK's oncology pipeline as it faces the looming patent cliff of its blockbuster immunotherapy, Keytruda.

Elsewhere in the sector, Moderna (MRNA 35.09, +1.23, +3.63%) takes back a solid chunk of yesterday's 5.7% retreat.