Optimism that the Chinese government will enact additional stimulus measures in order to boost its sagging economy sent the markets soaring to a sharply higher close with the Dow rocketing 390 points to 16,492. Nasdaq leaped 128 points to 4,811.
On the upside
Willbros Group (NYSE: WG) president and chief operating officer Michael J. Fournier will present at the D.A. Davidson’s 14th Annual Engineering & Construction Conference on Friday, September 11, 2015.
MKM Partners upgraded Micron Technology (Nasdaq: MU) from a Neutral rating to a Buy rating.
European Union regulators approved General Electric’s (NYSE: GE) proposed $14 billion acquisition of Alstom’s power unit.
On the downside
Alibaba Group (NYSE: BABA) cut its gross merchandise volume for the second quarter.
GlaxoSmithKline (NYSE: GSK) and Theravance (Nasdaq: THRX) reported disappointing results from their SUMMIT in chronic obstructive pulmonary disease.
Citigroup analyst William Katz downgraded RCS Capital (NYSE: RCAP) from a Buy rating to a Neutral rating.
In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 2 on the NYSE and by more than 3 to 1 on Nasdaq. The broader S&P 500 leaped 48 points to 1,969. Bitcoin added $3 to $243.
