Retreating oil prices boost markets

Retreating crude oil prices lifted the markets to a sharply higher close with the Dow soaring 91 points to 16,651. Nasdaq surged 44 points to 4434.

On the upside

InterMune (Nasdaq: ITMN) retained the services of Centerview Partners and Goldman Sachs to explore strategic options including a possible sale of the company.

Insmed (Nasdaq: INSM) priced its public offering of 8.9 million common shares at $11.25 per share.

Stifel Nicolaus analyst Scott Devitt resumed coverage of Pandora Media (NYSE: P) with a Buy rating.

On the downside

Rigel Pharmaceuticals' (Nasdaq: RIGL) dry eye disease treatment R348 failed a Phase 2 study.

Investors locked in profits on Aeropostale (NYSE: ARO).

ViaSat (Nasdaq: VSAT) widened first quarter losses more than expected as revenue slipped.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by 2 to 1 on Nasdaq. The broader S&P 500 climbed 12 points to 1946. Bitcoin fell $26 to $539.

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