Markets surge as rate hike fears fade

The markets surged in late afternoon trading to close sharply higher with the Dow leaping 200 points to 16,472 as disappointing economic data sparked optimism for interest rates to remain at record low levels. Nasdaq jumped 80 points to 4,707.

On the upside

Rising crude oil prices lifted shares of Petrobras (NYSE: PBR).

Pfizer (NYSE: PFE) completed its exchange offering.

Efforts by the Chinese government to provide additional targeted stimulus measures lifted shares of Alibaba (NYSE: BABA).

Shares of Freeport-McMoRan (NYSE: FCX) rose as copper prices climbed.

On the downside

Shares of Capital Southwest (Nasdaq: CSWC) fell after completing the spinoff of CSW Industries yesterday.

Investors locked in profits on XOMA (Nasdaq: XOMA).

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 soared 27 points to 1,951. Bitcoin eased a fraction to $235.
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