Markets rocket higher as rate increase concerns fade

Optimism that interest rates will not increase in the near future sent the markets soaring to close sharply higher with the Dow zooming 304 points to 16,776. Nasdaq jumped 73 points to 4,781.

On the upside

Shares of California Resources (NYSE: CRC) and Energy XXI (Nasdaq: EXXI) climbed as crude oil prices rose.

Dow Chemical (NYSE: DOW) closed the transaction to separate its chlor-alkali and downstream derivatives business.

Shares of Micron Technology (Nasdaq: MU) extended its gains.

On the downside

The Bureau of Land Management determined that the Cadiz's (Nasdaq: CDZI) proposed use of a portion of the Arizona and California Railroad's 1875 Act right-of-way was outside the scope of the act.

Sequenom (Nasdaq: SQNM) entered a clinical collaboration with Seoul National University Hospital but the stock price fell.

Profit taking sank shares of Mallinckrodt (NYSE: MNK).

In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The broader S&P 500 jumped 35 points to 1,987. Bitcoin added $1 to $238.
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