Crude oil climbs above $31, markets open sharply higher

Crude oil prices climbed above $31 per barrel to lift the markets to a sharply higher open with the Dow jumping 224 points to 16,106. Nasdaq leaped 101 points to 4,573.

On the upside

NephroGenex’s (Nasdaq: NRX) independent Data and Safety Monitoring Board for a Phase 3 study of the diabetic nephropathy treatment Pyridorin recommended that the study continue without modification.

8×8 (Nasdaq: EGHT) reported a smaller than expected loss for the third quarter.

Golar LNG (Nasdaq: GLNG) signed a Memorandum of Understanding with Schlumberger (NYSE: SLB) to develop greenfield, brownfield and stranded gas reserves.

On the downside

Cardiovascular Systems (Nasdaq: CSII) widened losses for the second quarter as revenue fell prompting a downgrade.

Investors locked in profits on TrovaGene (Nasdaq: TROV).

American Express (NYSE: AXP) reported lower fourth quarter earnings and revenue and forecast full year earnings below analyst estimates.

In the broad market, advancing issues outpaced decliners by a margin of more than 13 to 1 on the NYSE and by more than 5 to 1 on Nasdaq. The broader S&P 500 leaped 33 points to 1,902. Bitcoin tumbled $17 to $394.

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