{"id":54993,"date":"2025-10-23T16:09:35","date_gmt":"2025-10-23T20:09:35","guid":{"rendered":"https:\/\/stockmarketwatch.com\/stock-market-news\/u-s-markets-close-higher-on-strong-day-gsk-secures-fda-approval-crypto-sees-landmark-pardon-and-money-market-funds-hit-record-highs\/54993\/"},"modified":"2025-10-23T16:09:35","modified_gmt":"2025-10-23T20:09:35","slug":"u-s-markets-close-higher-on-strong-day-gsk-secures-fda-approval-crypto-sees-landmark-pardon-and-money-market-funds-hit-record-highs","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/u-s-markets-close-higher-on-strong-day-gsk-secures-fda-approval-crypto-sees-landmark-pardon-and-money-market-funds-hit-record-highs\/54993\/","title":{"rendered":"U.S. Markets Close Higher on Strong Day; GSK Secures FDA Approval, Crypto Sees Landmark Pardon, and Money Market Funds Hit Record Highs"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>U.S. equities finished the day strong, with the <a href=\"https:\/\/stockmarketwatch.com\/indices\/dowjones\/today\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Industrial Average rising by 0.28% to 46,719.67, the <a href=\"https:\/\/stockmarketwatch.com\/indices\/sp500\/today\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&amp;P 500<\/a> gaining 0.60% to 6,739.27, and the Nasdaq Composite leading with a 0.89% increase to 22,943.59.<\/strong><\/li>\n<li><strong>GSK (<a href=\"\/stock\/GSK\">GSK<\/a>) received U.S. FDA approval for Blenrep in relapsed or refractory multiple myeloma, with the DREAMM-7 trial demonstrating a 51% reduction in the risk of death.<\/strong><\/li>\n<li><strong>U.S. Money Market Fund assets reached an all-time high of $7.398 trillion, according to the Investment Company Institute (ICI), reflecting significant investor inflows.<\/strong><\/li>\n<li><strong>Former President Donald Trump issued a pardon to Binance founder Changpeng Zhao, overturning his money-laundering conviction and underscoring a pro-crypto stance.<\/strong><\/li>\n<li><strong>EU leaders postponed a decision on a plan for frozen Russian assets until December, while Ukraine reiterated its long-term goal for the full transfer of $300 billion in these assets.<\/strong><\/li>\n<\/ul>\n<h3>Market Performance<\/h3>\n<p>U.S. stock markets concluded Thursday&#39;s trading session with notable gains across all major indices. The <strong>Dow Jones Industrial Average<\/strong> advanced by <strong>129.26 points<\/strong>, or <strong>0.28%<\/strong>, to close at <strong>46,719.67<\/strong>. The <strong>S&amp;P 500<\/strong> also saw an increase, climbing <strong>39.87 points<\/strong>, or <strong>0.60%<\/strong>, to reach <strong>6,739.27<\/strong>. Leading the charge was the <strong>Nasdaq Composite<\/strong>, which posted a robust gain of <strong>203.19 points<\/strong>, up <strong>0.89%<\/strong>, ending the day at <strong>22,943.59<\/strong>.<\/p>\n<h3>Corporate and Sector News<\/h3>\n<p><strong>GSK (<a href=\"\/stock\/GSK\">GSK<\/a>)<\/strong> announced a significant development in its oncology pipeline, with the <strong>U.S. FDA<\/strong> approving <strong>Blenrep<\/strong> (belantamab mafodotin) for the treatment of relapsed or refractory multiple myeloma. The approval follows compelling results from the <strong>DREAMM-7 trial<\/strong>, which demonstrated a <strong>51% reduction in the risk of death<\/strong> and a tripling of median outcomes for patients. Interim first-line efficacy and safety data for Blenrep are anticipated by early 2028.<\/p>\n<p>In the financial sector, <strong>Goldman Sachs (<a href=\"\/stock\/GS\">GS<\/a>)<\/strong> is reportedly nearing a deal worth nearly <strong>$1 billion<\/strong> to acquire the talent agency <strong>Excel Sports<\/strong>. This potential acquisition highlights ongoing consolidation and strategic expansion within the investment banking and sports agency industries.<\/p>\n<p>Meanwhile, <strong>Nvidia&#39;s (<a href=\"\/stock\/NVDA\">NVDA<\/a>)<\/strong> CEO Jensen Huang was among the tech leaders who reportedly engaged with former President Trump regarding the future of San Francisco, as the city navigates its economic recovery.<\/p>\n<h3>Economic Indicators and Monetary Policy<\/h3>\n<p>U.S. Money Market Fund assets have reached an unprecedented <strong>all-time high of $7.398 trillion<\/strong>, according to the Investment Company Institute (ICI). <em>This surge indicates a continued preference for liquidity and potentially a cautious investor sentiment amid market uncertainties<\/em>.<\/p>\n<p>The <strong>Swiss National Bank (SNB)<\/strong>, according to recently released minutes, remains comfortable with its inflation outlook. The central bank expects inflation to rise slightly in the coming quarters but within a range consistent with price stability, maintaining its accommodative stance.<\/p>\n<h3>Geopolitical and Policy Developments<\/h3>\n<p>Former President Donald Trump made a significant move in the cryptocurrency space by granting a pardon to <strong>Binance<\/strong> founder <strong>Changpeng Zhao<\/strong>, effectively erasing his conviction for money-laundering violations. <em>This action is seen as a reinforcement of the administration&#39;s pro-crypto stance<\/em>, following previous pardons for figures like Ross Ulbricht of Silk Road and the founders of BitMEX.<\/p>\n<p>Discussions surrounding frozen Russian assets continue to evolve, with <strong>EU leaders<\/strong> delaying a decision on a comprehensive plan until December. Ukraine&#39;s presidential aide, Iryna Mudra, reiterated the nation&#39;s long-term objective for the full transfer of <strong>$300 billion<\/strong> in these frozen assets to Ukraine for reconstruction and damages. The EU has affirmed its commitment to meeting Ukraine&#39;s financial needs for the next two years, including military support, with current EU law requiring Russian assets to remain frozen until Russia ends the war and compensates Ukraine for damages.<\/p>\n<p>In a move to counter China&#39;s advancements, the <strong>United States<\/strong> is actively considering increasing funding for quantum computing, though deliberations are still in their early stages. <em>This strategic investment aims to boost U.S. competitive edge in this critical emerging technology<\/em>.<\/p>\n<p>Geopolitical tensions were also highlighted by the <strong>United States Air Force&#39;s<\/strong> deployment of <strong>B-1 bombers<\/strong> near Venezuela, a move reported by the <em>Wall Street Journal<\/em> as increasing military pressure. Separately, former President Trump expressed optimism about a potential meeting with Chinese President Xi Jinping, believing it &quot;will turn out well.&quot;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways U.S. equities finished the day strong, with the Dow Jones Industrial Average rising by 0.28% to 46,719.67, the 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