Markets soar as crude oil recovers

Rising crude oil prices sent the markets soaring in late afternoon trading to close sharply higher with the Dow leaping 196 points to 17,361. Nasdaq surged 41 points to 4,676.

On the upside

Rising crude oil prices lifted shares of SandRidge Energy (NYSE: SD) and Comstock Resources (NYSE: CRK).

Motley Fool wrote that Fontier Communications (Nasdaq: FTR) paid better dividends than AT&T (NYSE: T).

MicroSoft (Nasdaq: MSFT) cut the price of its Surface Pro 3 tablets by $100.

On the downside

Ardelyx (Nasdaq: ARDX) reported positive results from a phase 2b study of tenapanor but patients experienced high rates of diarrhea.

Nasdaq will delist Advanced Emissions Solutions (Nasdaq: ADES) with trading to be suspended tomorrow.

Enanta Pharmaceuticals (Nasdaq: ENTA) reported positive results from a Phase 3 GIFT-1 study of AbbVie’s all-oral treatment for hepatitis C virus infection in Japanese patients but the stock price fell.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 surged 25 points to 2020. Bitcoin slipped $1 to $223.

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