An unexpected drop in August consumer spending sparked speculation that the Federal Reserve would delay raising interest rates. The markets opened sharply higher with the Dow soaring 105 points to 18,250. Nasdaq rose 10 points to 5,279.
On the upside
Aurinia Pharmaceuticals (Nasdaq: AUPH) reported positive results from a Phase IIb AURA-LV study for lupus nephritis.
U.S. regulators cleared Lexmark International's (NYSE: LXK) purchase of a Chinese consortium.
Shares of NXP Semiconductors (Nasdaq: NXPI) continued climbing.
On the downside
Threshold Pharmaceuticals (Nasdaq: THLD) reported disappointing interim data from two Phase 2 proof-of-concept clinical trials of tarloxotinib.
Cognizant Technology Solutions (Nasdaq: CTSH) disclosed an internal investigation into possible violations of the U.S. Foreign Corrupt Practices Act.
CalAmp (Nasdaq: CAMP) disappointed with sharply lower second quarter earnings that fell short of expectations.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 climbed 9 points to 2,160. Bitcoin slipped to $604.
