The Dow Jones industrial average added 1.9 percent to close at 16,776.43 on Monday. The Standard & Poor’s 500 ended 1.8 percent higher at 1,987.05. The Nasdaq composite index rose 1.6 percent to 4,781.26.
Major indexes remain well off their records after renewed global growth fears pushed them into correction territory in August. The S&P 500 is 6.7% below its all-time closing high, while the Dow is 8.4% away from its closing record.
Gains in commodity prices added to Monday’s move higher, traders said.
U.S. benchmark crude slipped 4 cents to $46.22 a barrel in electronic trading on the New York Mercantile Exchange. The contract gained 72 cents to close at $46.26 a barrel in New York on Monday. Brent Crude, a benchmark for international oils used by many U.S. refineries, rose 9 cents to $49.96 a barrel in London.
Markets are increasingly confident the Federal Reserve will hold off for longer on raising interest rates following last week’s jobs report which showed the U.S. economy was creating fewer jobs. Other central banks were a also focus of attention. The Reserve Bank of Australia is holding its October board meeting Tuesday, although analysts expect it to leave interest rates unchanged. Also on the radar is Wednesday’s Bank of Japan’s policy statement, which comes amid rising hopes for further stimulus to jumpstart the ailing economy.
The dollar was little changed at 120.47 yen from 120.42 yen in the previous day’s trading. The euro fell to $1.1183 from $1.1192.
ContraVir Pharmaceuticals Inc (NASDAQ:CTRV) reported the surge of +123.70% and closed at $4.72, with the total traded volume of 28.62 million shares. During last trade its minimum price was $3.23 and it gained its highest price of $6.28 and has a total of 22.30 million outstanding shares. ContraVir Pharmaceuticals Inc (NASDAQ:CTRV) a biopharmaceutical company focused on the development and commercialization of targeted antiviral therapies, reported preliminary data dramatizing the unique properties of CMX157, the Company’s highly potent lipid prodrug of the successful antiviral drug tenofovir. CMX157 was shown to be 60-fold more active than tenofovir against the hepatitis B virus (HBV) based on in vitro studies. This significant potency difference has considerable potential in increasing the safety profile and reducing the side effects compared to tenofovir DF (Viread®).
SandRidge Energy Inc. (NYSE:SD) reported the surge of +33.83%, after closing price for the day was $0.479. Its total trading volume for the day was 29.20 million shares, versus its average volume of 17.64 million shares. Its earnings per share are -$4.20. SandRidge Energy Inc. (NYSE:SD) declared that it has entered into an agreement to acquire the Piñon Gathering Company, LLC from EIG Global Energy Partners for $48 million cash and $78 million of its 8.75% Senior Secured Notes due 2020. The Piñon Gathering Company, LLC owns almost 370 miles of gathering lines supporting the natural gas and CO2 production from the Company’s Piñon field in West Texas. As a result of the transaction, the Company will eliminate minimum volume commitment payments of almost $40 million per year, forecasted to continue until 2021 and additional contractual fees thereafter, as well as secure a strategic asset supporting its West Texas natural gas production.
Denbury Resources Inc. (NYSE:DNR) showing jumped of +12.72% and closed at $3.19, after gaining total volume of 19.91 million shares. Its earnings per share (EPS) is -$1.79 and its beta value stands at 2.19 points and has total market capitalization of $1.00 billion and a total of 355.45 million outstanding shares. Denbury Resources Inc. (NYSE:DNR) operates as an independent oil and natural gas company in the United States. The company first and foremost focuses on enhanced oil recovery utilizing carbon dioxide. It holds properties located in Mississippi, Texas, Louisiana, and Alabama in the Gulf Coast region; and in Montana, North Dakota, and Wyoming in the Rocky Mountain region. As of December 31, 2014, it had 437.7 million barrels of oil equivalent of estimated proved oil and natural gas reserves.