China cuts interest rates, markets soar

The markets surged with the Dow leaping 255 points to 16,127 as China cut interest rates in order to support its ailing economy. Nasdaq jumped 112 points to 4,639.

On the upside

A judge tentatively ruled that the California State Approving Agency for Veterans Education unlawfully suspended its approval of ITT Educational Services (NYSE: ESI) for enrollment by veteran students.

An abstract from Aquinox Pharmaceuticals' (Nasdaq: AQXP) LEADERSHIP Phase 2 clinical trial with AQX-125 in bladder pain syndrome/interstitial cystitis was accepted for oran presentation at the 2015 ESSIC Annual Meeting.

Best Buy (NYSE: BBY) reported higher second quarter earnings and revenue that topped analyst estimates.

The Patent Trials and Appeal Board declined to formally review two of Acorda Therapeutics' (Nasdaq: ACOR) patents.

On the downside

DSW (NYSE: DSW) reported higher second quarter earnings but revenue fell short of analyst expectations.

Shares of Yamana Gold (NYSE: AUY) fell as gold prices retreated.

In the broad market, declining issues outpaced advancers by a margin of 19 to 1 on the NYSE and by nearly 10 to 1 on Nasdaq. The broader S&P 500 soared 35 points to 1,928. Bitcoin tumbled $12 to $212.
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