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September 01, 2020 10:27am
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Sharply Higher Close As ECB Offers New Loans

Investors welcomed news that European banks will have access to emergency loans through the European Central Bank. The markets closed sharply higher with the Dow jumping 183 points to 11,123. Nasdaq surged 46 points to 2506.

On the upside

DryShips (Nasdaq: DRYS) may explore selling its majority stake in Ocean Rig (Nasdaq: ORIG). 

A drop in the 30-year fixed rate mortgage to a record low lifted shares of mortgage insurers MGIC Investment (NYSE: MTG) and Radian Group (NYSE: RDN). 

The Pentagon issued a report on the importance of rare earth metals to the military which lifted shares of Molycorp (NYSE: MCP).

On the downside

Wunderlich downgraded BPZ Resources (NYSE: BPZ) yesterday to a Hold rating.  

Shares of Apple (Nasdaq: AAPL) slipped in reaction to the death yesterday of visionary founder Steve Jobs.

Yahoo (Nasdaq: YHOO) is exploring the possible sale of its 35% stake in Yahoo Japan. 

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 15 points to 673.

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