Higher open as oil prices rise

Recovering crude oil prices lifted the markets to a sharply higher open with the Dow surging 155 points to 17,527. Nasdaq soared 41 points to 4,634.

On the upside

JC Penney (NYSE: JCP) reported a strong 3.7% increase in same store sales for November and December.

Galectin Therapeutics (Nasdaq: GALT) reported positive results for a Phase 1 trial of GR-MD-02 on fibrosis.

Arena Pharmaceuticals (Nasdaq: ARNA) reported positive results from a Phase 1b trial of APD334 to treat autoimmune diseases.

On the downside

KaloBios Pharmaceuticals (Nasdaq: KBIO) reported disappointing results from a Phase 2 study of KB001-A to treat Pseudomonas aeruginosa lung infections in subjects with cystic fibrosis.

RPM International (NYSE: RPM) reported higher second quarter earnings but revenue was flat.

Pershing Square Capital Management founder Bill Ackman compared Herbalife (NYSE: HLF) to convicted Ponzi scheme mastermind Bernie Madoff.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The broader S&P 500 soared 19 points to 2021. Bitcoin held steady at $280.