The markets surged to close sharply higher with the Dow rocketing 288 points to 17,356 as the Federal Reserve indicated that interest rates would remain low for a considerable time. Nasdaq leaped 96 points to 4,644.
On the upside
Rebounding crude oil prices lifted shares of Sanchez Energy (NYSE: SN) and Swift Energy (NYSE: SFY).
Global Hunter Securities upgraded Approach Resources (Nasdaq: AREX) from a Sell rating to a Neutral rating.
Bloomberg reported that Shire (Nasdaq: SHP) was exploring a possible acquisition of NPS Pharmaceuticals (Nasdaq: NPSP).
Rising oil prices lifted shares of oil services firm Halliburton (NYSE: HAL) and offshore drilling contractors SeaDrill (NYSE: SDRL) and Transocean (NYSE: RIG).
On the downside
New York's Gaming Facility Location Board approved Empire Resorts' (Nasdaq: NYNY) proposal to build a casino in the Catskills but the stock price fell over concerns that nationwide gambling revenue growth has slowed.
Pozen (Nasdaq: POZN) received a second complete response letter from the Food and Drug Administration for its YOSPRALA 81/40 and 325/40 delayed release tablets.
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 jumped 40 points to 2012. Bitcoin lost $8 to $320.
Markets surge as rates remain low
December 17, 2014 at 16:36 PM EST