Sharply higher open as crude oil prices climb

Rising crude oil prices lifted the markets to a sharply higher open with the Dow soaring 148 points to 16,938. Nasdaq gained 29 points to 4,778.

On the upside

Teck Resources (NYSE: TCK) entered a long-term streaming agreement with Franco-Nevada.

Freeport-McMoRan (NYSE: FCX) entered an agreement with activist investor Carl Icahn.

ArcelorMIttal (NYSE: MT) reached an agreement with IMETAL to restructure the shareholding of the companies ArcelorMittal Algeria, ArcelorMittal Pipes and Tubes Algeria and ArcelorMittal Tebessa.

On the downside

Third quarter earnings and revenue for Yum Brands (NYSE: YUM) missed expectations and the company forecast full year earnings below estimates.

Nu Skin Enterprises (NYSE: NUS) cut its third quarter revenue guidance.

ContraVir Pharmaceuticals (Nasdaq: CTRV) priced its public offering of 5 million common shares at the discounted price of $3.00 per share.

In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The broader S&P 500 climbed 17 points to 1,997. Bitcoin held steady at $244.
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