Higher open after yesterday's steep losses

The markets opened higher this morning with the Dow gaining 56 points to 17,557 after yesterday's steep losses. Nasdaq added 4 points to 4,657.

On the upside

CytRx (Nasdaq: CYTR) reported positive interim results from a Phase 2 study of aldoxorubicin to treat brain cancer.

Minerva Neurosciences (Nasdaq: NERV) reported positive results from a non-human primate study of its neuregulin-1 compound to treat Parkinson's disease.

Gilead Sciences (Nasdaq: GILD) will acquire Phenex Pharmaceuticals' Farnesoid X Receptor program to treat liver diseases.

On the downside

Credit Suisse downgraded Michael Kors (NYSE: KORS) from an Outperform rating to a Neutral rating.

Regions Financial (NYSE: RF) announced its third annual free Financial Fitness Fridays program but the stock price fell.

SandRidge Energy (NYSE: SD) extended its losses as crude oil prices continued to fall.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE while decliners edged out advancers by nearly 9 to 7 on Nasdaq. The broader S&P 500 added 2 points to 2022. Bitcoin edged up a fraction to $274.
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