Higher open as Hurricane Harvey downgraded to tropical storm

The markets opened higher with the Dow rising 19 points to 21,832 after Hurricane Harvey was downgraded to a tropical storm. Nasdaq gained 21 points to 6,286.


On the upside


Kite Pharma (Nasdaq: KITE) will be acquired by Gilead Sciences (Nasdaq: GILD) for a premium of approximately $11.9 billion in cash.


Shares of Juno Therapeuticss (Nasdaq: JUNO) climbed after rival cell therapy developer Kite Pharma (Nasdaq: KITE) announced its acquisition by Gilead (Nasdaq: GILD).


Rising gold prices lifted shares of AngloGold Ashanti (NYSE: AU).

On the downside


Shares of Momo (Nasdaq: MOMO) extended its losses.


Uber selected Expedia (Nasdaq: EXPE) chief executive Dara Khosrowshahi as its new leader.

Sprouts Farmers Market (Nasdaq: SFM) stock fell as Whole Foods cut prices.


In the broad market, advancing issues barely edged out decliners by a slim margin on the NYSE and by a margin of nearly 5 to 4 on Nasdaq. The broader S&P 500 rose 4 points to 2,447. Bitcoin fell $26 to $4,323.


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