The nation’s economy grew by a stronger than expected 3.7% in the second quarter to lift the markets to a sharply higher open with the Dow surging 181 points to 16,466. Nasdaq soared 61 points to 4,759.
On the upside
Freeport-McMoRan (NYSE: FCX) slashed its 2016 capital expenditures budget by $1.6 billion and cut its copper production estimates.
NQ Mobile (NYSE: NQ) narrowed losses for the second quarter as revenue rose. The company also announced plans to sell its stake in FL Mobile to Beijing Jinxing Rongda Investment Management and its stake in NationSky to Beijing NationSky founder Hou Shuli.
Bloomberg reported that Peabody Energy (NYSE: BTU) retained the services of Lazard to assist in restructuring its $6.3 billion debt.
Shares of Forward Industries (Nasdaq: FORD) continued soaring.
McDermott International (NYSE: MDR) won a lump sum contract by Saudi Aramco for brownfield work.
On the downside
Williams-Sonoma (NYSE: WSM) reported higher second quarter earnings and revenue but the company forecast current quarter and full year earnings below expectations.
In the broad market, advancing issues outpaced decliners by a margin of nearly 8 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The broader S&P 500 soared 25 points to 1,965. Bitcoin added $1 to $226.
