Mid-Afternoon Market Update: U.S. Stocks Turn Higher; Dow Gains Over 200 Points
Toward the end of trading Monday, the Dow traded up 0.82 percent to 24,739.97 while the NASDAQ gained 0.80 percent to 7,316.22. The S&P also rose, gaining 0.84 percent to 2,713.85.
Leading and Lagging Sectors
Monday afternoon, the utilities shares gained 0.99 percent. Meanwhile, top gainers in the sector included Atlantic Power Corp (NYSE: AT), up 2 percent, and RGC Resources Inc. (NASDAQ: RGCO), up 5 percent.
In trading on Monday, industrial shares rose by just 0.5 percent. Meanwhile, top losers in the sector included USA Truck, Inc. (NASDAQ: USAK), down 10 percent, and I.D. Systems, Inc. (NASDAQ: IDSY) down 4 percent.
AXA announced plans to acquire XL Group Ltd. (NYSE: XL) for $15.3 billion.
AXA offered $57.60 per share for XL, representing a 33 percent premium over XL’s closing price on Friday.
Equities Trading UP
Clearside Biomedical Inc (NASDAQ: CLSD) shares shot up 41 percent to $10.99 after the clinical biopharmaceutical company announced an encouraging update from ongoing clinical studies. The company said its pivotal phase 3 clinical trial of its suprachoroidal CLS-TA in patients with macular edema achieved positive topline results.
Shares of Vericel Corp (NASDAQ: VCEL) got a boost, shooting up 26 percent to $10.55 following better-than-expected Q4 earnings.
XL Group Ltd. (NYSE: XL) shares were also up, gaining 28 percent to $55.79 after the insurance company agreed to sell itself to France's AXA for $15 billion, or $57.60 per share.
Equities Trading DOWN
Dermira Inc (NASDAQ: DERM) shares dropped 64 percent to $9.01 as the company disclosed that its two Phase 3 trials evaluating olumacostat glasaretil in patients with acne vulgaris did not meet co-primary endpoints.
Shares of Sparton Corporation (NYSE: SPA) were down 25 percent to $17.10 after the company reported termination of merger agreement with Ultra.
Smith Micro Software, Inc. (NASDAQ: SMSI) was down, falling around 26 percent to $1.59 as the company announced a $5 million private placement.
In commodity news, oil traded up 2.33 percent to $62.68 while gold traded down 0.17 percent to $1,321.20.
Silver traded down 0.22 percent Monday to $16.43, while copper fell 0.06 percent to $3.1265.
European shares closed mostly higher today. The eurozone’s STOXX 600 gained 1.04 percent, the Spanish Ibex Index rose 0.63 percent, while Italy’s FTSE MIB Index slipped 0.42 percent. Meanwhile the German DAX gained 1.49 percent, and the French CAC 40 rose 0.60 percent while U.K. shares rose 0.65 percent.
U.S. Markit services PMI rose to 55.90 for February, versus previous reading of 53.30. Economists expected a reading of 55.90.
The ISM non-manufacturing index slipped to 59.50 for February, versus a prior reading of 59.90. However, economists were expecting a reading of 59.90.
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