Dow Up, Apellis Pharmaceuticals Up

All three major indices rose today.

The NASDAQ rose 795.99 points.

The DOW rose 1,125.37 points.

The S&P rose 184.80 points.

Stocks surged as investors responded to renewed hopes that the war involving the United States, Israel, and Iran could ease, helping drive oil prices lower and improving risk sentiment across Wall Street. Lower crude prices helped reduce some immediate inflation pressure, which supported a broad-based rebound in equities.

Technology stocks helped lead the advance, and the rally was strong enough to produce the market's best day since last spring. The move reflected a sharp reversal from the heavy pressure that energy-price shocks and geopolitical fears had placed on equities through much of the month.

All this as Apellis Pharmaceuticals shares rose $23.19 to end the day at $40.28 per share.

Apellis surged after Biogen announced a roughly $5.6 billion agreement to acquire the company. Under the deal, Apellis shareholders are to receive $41 per share in cash, plus contingent value rights tied to future sales milestones for Syfovre. Reuters said the deal represented a very large premium to Apellis's prior close, which explains the stock's outsized one-day jump.

The stock moved sharply higher because the acquisition effectively reset the market's valuation around the deal price and potential milestone payments.