Stock Market Update

[BRIEFING.COM] The major averages continue to trade in a relatively stable range at midday, sporting solid gains but not yet challenging their 200-day moving averages. 

The health care sector (+1.0%) sits near the top of today's leaderboard, supported by strength in its biotechnology and pharmaceutical names that send the iShares Nasdaq Biotech ETF 2.8% higher. 

Merck (MRK 119.58, +3.21, +2.76%) trades higher after confirming plans to acquire Terns Pharmaceuticals (TERN 52.76, +2.76, +5.51%) for $35.00 per share in cash.