The nation’s economic growth expanded at a modest 2.2% in the fourth quarter which allayed fears of an interest rate increase. The markets opened higher with the Dow rising 12 points to 17,690. Nasdaq gained 22 points to 4,885.
On the upside
Olin (NYSE: OLN) will acquire Dow Chemical’s (NYSE: DOW) chlor-alkali and downstream derivatives businesses in a cash and stock transaction valued at approximately $5 billion.
LiveDeal (Nasdaq: LIVE) products will now be available on Amazon.
Carnival (NYSE: CCL) reversed year ago losses to post a stronger than expected profit for the first quarter.
On the downside
Ohr Pharmaceutical (Nasdaq: OHRP) reported disappointing results from a Phase II study of its eye drop solution OHR-102.
Quiksilver (NYSE: ZQK) chief executive Andy Mooney departed the company and will be replaced by Pierre Agnes.
Shares of Peabody Energy (NYSE: BTU) continued to fall.
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 2 on the NYSE and by nearly 5 to 4 on Nasdaq. The broader S&P 500 slipped 4 points to 2056. Bitcoin added $1 to $246.