Markets surge as rates remain low

The markets surged to close sharply higher with the Dow rocketing 288 points to 17,356 as the Federal Reserve indicated that interest rates would remain low for a considerable time. Nasdaq leaped 96 points to 4,644.

On the upside

Rebounding crude oil prices lifted shares of Sanchez Energy (NYSE: SN) and Swift Energy (NYSE: SFY).

Global Hunter Securities upgraded Approach Resources (Nasdaq: AREX) from a Sell rating to a Neutral rating.

Bloomberg reported that Shire (Nasdaq: SHP) was exploring a possible acquisition of NPS Pharmaceuticals (Nasdaq: NPSP).

Rising oil prices lifted shares of oil services firm Halliburton (NYSE: HAL) and offshore drilling contractors SeaDrill (NYSE: SDRL) and Transocean (NYSE: RIG).

On the downside

New York's Gaming Facility Location Board approved Empire Resorts' (Nasdaq: NYNY) proposal to build a casino in the Catskills but the stock price fell over concerns that nationwide gambling revenue growth has slowed.

Pozen (Nasdaq: POZN) received a second complete response letter from the Food and Drug Administration for its YOSPRALA 81/40 and 325/40 delayed release tablets.

In the broad market, advancing issues outpaced decliners by a margin of nearly 8 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The broader S&P 500 jumped 40 points to 2012. Bitcoin lost $8 to $320.
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