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Markets soar on strong earnings

Strong earnings sent the markets soaring to close sharply higher with the Dow jumping 213 points to 24,786. Nasdaq leaped 124 points to 7281.


On the upside


ArQule (Nasdaq: ARQL) entered an exclusive license agreement with Basilea Pharmaceutica International to develop and commercialize derazantinub.


Shares of Fred's (Nasdaq: FRED) rose ahead of its earnings release tomorrow before market open.


The Food and Drug Administration is expected to approve GW Pharmaceuticals' (Nasdaq: GWPH) seizure treatment that is made with cannabidiol.

On the downside


The Sears Holdings (Nasdaq: SHLD) store at Asheville Mall will begin liquidation sales at the end of the month and will close by mid-July.


Rumors circulated that GoPro (Nasdaq: GPRO) may be acquired but the stock price fell.


REV Group (NYSE: REVG) announced the return of Tom Phillips as chief operating officer.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 soared 28 points to 2,706. Bitcoin tumbled $89 to $7,918.


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