Markets surge in anticipation of Chinese stimulus

Investors are hopeful that the Chinese government will enact additional stimulus measure. The markets advanced during the midday with the Dow jumping 300 points to 16,402. Nasdaq surged 93 points to 4,777.

On the upside

Freeport-McMoRan (NYSE: FCX) retained the services of JPMorgan Chase to explore strategic options.

SunEdison (NYSE: SUNE) will pay approximately $300 million to acquire a 33% stake in Dominion's (NYSE: D) 425 megawatts of solar generating capacity.

Strategic Hotels & Resorts (NYSE: BEE) will be acquired by Blackstone Group for a premium of approximately $4 billion in cash.

On the downside

Chinese coal imports tumbled 17.7% in August sending shares of Arch Coal (NYSE: ACI) plummeting.

Investors locked in profits on KaloBios Pharmaceuticals (Nasdaq: KBIO).

Shares of Netflix (Nasdaq: NFLX) dropped again.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by more than 7 to 2 on Nasdaq. The broader S&P 500 soared 35 points to 1,956. Bitcoin added $3 to $242.