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September 01, 2020 10:18am
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Modestly Higher Close As Economy Continues Expanding

The markets closed modestly higher with the Dow rising 21 points to 15,324 as the nation’s economy continued to expand in the first quarter albeit at a slower 2.4% pace than 2.5% pace originally reported. Nasdaq gained 23 points to 3491.

On the upside

Oppenheimer initiated coverage of Himax Technologies (Nasdaq: HIMX) with an Outperform rating.

National Bank of Greece (NYSE: NBG) began trading again after trading was suspended from May 24 to May 30 in order for a 1-for-10 reverse stock split to clear.

Goldman Sachs added MEMC Electronic Materials (NYSE: WFR) to its Conviction Buy list and lifted its price target from $8 to $10.

On the downside

Investors locked in profits on Ballard Power Systems (Nasdaq: BLDP).

A Seeking Alpha contributor recommended shorting Revolution Lighting Technologies (Nasdaq: RVLT).

Frontline (NYSE: FRO) fell to a loss for the first quarter.

  

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on the NYSE and by nearly 7 to 3 on Nasdaq. The broader S&P 500 index rose 6 points to 1654.

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