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Rising crude oil prices lift markets

Rising crude oil prices lifted the markets to a higher open with the Dow gaining 34 points to 24,820. Nasdaq rose 11 points to 7292.


On the upside


The Food and Drug Administration approved the abbreviated new drug application for Teligent's (Nasdaq: TLGT) Clobetasol Propionate Cream USP, 0.05%.


Rising crude oil prices lifted Denbury Resources (NYSE: DNR) and W&T Offshore (NYSE: WTI).


Textron (NYSE: TXT) reported higher first quarter earnings and revenue that beat expectations.

On the downside


International Business Machines (NYSE: IBM) reported better than expected earnings and revenue for the second quarter but profit margins fell.


Goldman Sachs downgraded Juniper Networks (NYSE: JNPR) from a Neutral rating to a Sell rating and cut its price target from $26.00 to $21.00.


Lam Research (Nasdaq: LCRX) reported sharply highly third quarter earnings that topped analyst estimates as revenue climbed but the stock price fell.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by nearly 4 to 3 on Nasdaq. The broader S&P 500 added 4 points to 2,710. Bitcoin surged $187 to $8,095.


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