The markets opened sharply higher for the second day in a row with the Dow soaring 157 points to 17,567 as consumer spending rose 0.4% in May. Nasdaq surged 59 points to 4,750.
On the upside
Apollo Global Management will pay a premium of approximately $2.2 billion in cash to acquire Diamond Resorts International (NYSE: DRII).
Tesaro (Nasdaq: TSRO) reported positive results from a Phase 3 NOVA trial of niraparib to treat ovarian cancer.
PrivateBancorp (Nasdaq: PVTB) will be acquired by Canadian Imperial Bank of Commerce (NYSE: CM) in a cash and stock deal valued at approximately $3.8 billion.
On the downside
Galena Biopharma (Nasdaq: GALE) will discontinue its Phase 3 PRESENT clinical trial due to futility.
Eclipse Resources (NYSE: ECR) priced its public offering of 37.5 million common shares at the discounted price of $3.50 per share.
The Food and Drug Administration issued a Complete Response Letter to Lipocine (Nasdaq: LPCN) for LPCN 1021.
In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The broader S&P 500 soared 21 points to 2,057. Bitcoin tumbled $14 to $625.
