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September 01, 2020 10:27am
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Rising crude oil prices lift markets to higher close

The markets recovered to close higher with the Dow soaring 116 points to 24,727 as crude oil prices climbed. Nasdaq gained 20 points to 7364.

On the upside

Arena Pharmaceuticals (Nasdaq: ARNA) reported positive results from a Phase 2 OASIS trial for etrasimod to treat ulcerative colitis.

Salesforce (NYSE: CRM) is reportedly engaged in advanced discussions to acquire MuleSoft (NYSE: MULE).

Stephens upgraded Stoneridge (NYSE: SRI) from an Equal Weight rating to an Overweight rating.

On the downside

Proteostasis Therapeutics (Nasdaq: PTI) announced a public offering of 9 million common shares.

Shares of Twitter (NYSE: TWTR) plunged over regulatory concerns.

Fourth quarter earnings and revenue for LexinFintech Holdings (Nasdaq: LX) fell short of expectations.

In the broad market, declining issues outpaced advancers by a margin of 5 to 4 on both the NYSE and on Nasdaq. The broader S&P 500 rose 4 points to 2,716. Bitcoin surged $553 to $8,935.

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