First time applications for unemployment benefits rose less than expected to boost the markets higher during the midday with the Dow rocketing 273 points to 17,442. Nasdaq leaped 60 points to 4,901.
On the upside
Third quarter revenue rose for TrueBlue (NYSE: TBI) to surpass expectations and the company forecast fourth quarter results above estimates.
Sequans Communications (NYSE: SQNS) narrowed third quarter losses more than expected as revenue rose.
CIT Group (NYSE: CIT) announced plans to explore strategic options for its $10 billion Commercial Air business, will sell its CIT Canada and CIT China businesses, and said that chief executive John A. Thain will retire on March 31, 2016.
On the downside
Apollo Education Group (Nasdaq: APOL) fell to a greater than expected loss for the fourth quarter and forecast 2016 revenue below estimates.
The Food and Drug Administration approved Relypsa’s (Nasdaq: RLYP) Veltassa to treat hyperkalemia but the requirement for a box warning that Veltassa could potentially interfere with other drugs sent the stock price tumbling.
Mizuho Securities downgraded Tenet Healthcare (NYSE: THC) from an Outperform rating to a Neutral rating.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by nearly 5 to 4 on Nasdaq. The broader S&P 500 soared 29 points to 2,048. Bitcoin added $5 to $270.
