Update on the latest in business:

FINANCIAL MARKETS

Stocks post solid gains

NEW YORK (AP) — Stocks are solidly higher, led by gains in a broad range of technology, financial and health care companies.

Energy stocks rose as the price of crude oil recovered some of the ground it lost in recent days. Crude oil prices were up 5.5%.

The S&P 500 rose 1% as the benchmark index came off of its first weekly loss since July. Investors will be looking to the Federal Reserve this week, which has an annual conference in Jackson Hole, Wyoming.

Pfizer rose 3% after the FDA gave full approval to its COVID-19 vaccine. Moderna rose 6%.

HOME SALES

Existing home sales rose in July, inventory ticked higher

UNDATED (AP) — Sales of previously occupied U.S. homes rose in July for the second month in a row, though they only increased modestly from a year ago, suggesting the red-hot housing market may be cooling off a little.

The National Association of Realtors said Monday that existing homes sales rose 2% last month from June to a seasonally-adjusted annual rate of 5.99 million units. Sales rose only 1.5% from July last year. The median U.S. home price climbed 17.8% from a year ago to $359,900.

At the end of July, the inventory of unsold homes stood at 1.32 million homes for sale, up 7.3% from the prior month, but down 12% from July last year. At the current sales pace, the NAR says, that amounts to a 2.6-month supply.

VIRUS OUTBREAK-PFIZER

US regulators give full approval to Pfizer COVID-19 vaccine

WASHINGTON (AP) — The U.S. has given full approval to the COVID-19 vaccine made by Pfizer. The Food and Drug Administration’s decision may help lift public confidence in vaccinations as the nation battles the most contagious coronavirus mutant yet.

The FDA has never before had so much evidence to judge a shot’s safety. More than 200 million doses already have been administered in the U.S. since emergency use began in December.

The decision could push some vaccine holdouts toward getting the shots. And it could spur more vaccine mandates by companies, universities and local governments.

VIRUS OUTBREAK-BOOSTERS

WHO head calls for two-month vaccine booster moratorium

BUDAPEST, Hungary (AP) — The head of the World Health Organization has called for a two-month moratorium on administering booster shots of COVID-19 vaccines as a means of reducing global vaccine inequality and preventing the emergence of new coronavirus variants.

The WHO’s director-general (Tedros Adhanom Ghebreyesus) told reporters in Hungary’s capital that he was “really disappointed” with the scope of vaccine donations worldwide. He called on countries offering third vaccine doses to forward what they would use for booster shots to other countries so they can increase their vaccination coverage.

The WHO chief said that vaccine injustice and vaccine nationalism increase the risk of more contagious variants like the delta variant emerging.

PFIZER-ONCOLOGY-ACQUISITION

Pfizer to pay $2.26B for cancer treatment developer Trillium

UNDATED (AP) — Pfizer is spending more than $2 billion in cash to buy another drugmaker focused on potential cancer treatments.

New York-based Pfizer says it will pay $18.50 for each share of Trillium Therapeutics Inc., or more than double the stock’s 60-day weighted average price.

Trillium has no products on the market. Its potential treatments include biologics that aim to prime a patient’s immune system to detect and destroy cancer cells. Its two lead candidates are in early-stage testing and focus on hematology. That includes blood, bone marrow and lymph node cancers like leukemia or lymphoma.

OPIOID CRISIS-MCKINSEY

Senators question FDA on work with opioid maker consultant

WASHINGTON (AP) — Several U.S. senators are questioning the Food and Drug Administration’s work with a consulting firm that helped businesses sell prescription painkillers during the nation’s overdose crisis.

Democrat Maggie Hassan of New Hampshire and Republican Chuck Grassley of Iowa, among others, have asked the FDA about potential conflicts of interest from its work with McKinsey & Company. A letter from the senators notes that the FDA paid McKinsey more than $140 million after hiring it several times starting in 2008. The consultant also worked with opioid painkiller makers like Purdue Pharma while serving the government.

OPIOID CRISIS-PURDUE-BANKRUPTCY

OxyContin maker’s lawyer warns of long, expensive litigation

UNDATED (AP) — A lawyer for Purdue Pharma says the company’s settlement plan is the only way to avoid long and expensive litigation.

The lawyer made his case Monday to a bankruptcy judge who is expected to rule this week on whether to accept OxyContin maker’s reorganization plan. It calls for using the company’s future profits and more than $4 billion from members of the Sackler family who own it to abate the opioid crisis and pay individual victims.

Members of the Sackler family would also get protection from lawsuits over opioids. Judge Robert Drain said he’ll also consider the views he’s read in letters from people who lost loved ones to opioid overdoses.

FIESTA BOWL-SPORTS GAMBLING

Fiesta Bowl, Caesars announce sports betting partnership

PHOENIX (AP) — The Fiesta Bowl Organization has announced a multi-year partnership with Caesars Entertainment. It will pair one of the biggest postseason college football games with legal sports gambling in Arizona. It’s also the first partnership between a college bowl game and a sports betting company.

Caesars will host fan lounges at the Fiesta Bowl in Glendale and at the Guaranteed Rate Bowl, which is played at Chase Field in downtown Phoenix.

Sports betting goes live in Arizona on Sept. 9.

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