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September 01, 2020 10:18am
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Markets Advance Ahead Of Fed Decision Tomorrow

The markets advanced during the midday with the Dow gaining 31 points to 10,684 as investors await the Federal Reserve's decision to restart economic stimulus programs to jumpstart the stalled economy. Nasdaq rose 10 points to 2298.

On the upside

A mistrial may be declared in a lawsuit that ordered Skilled Healthcare Group (NYSE: SKH) to pay $677 million in damages for mismanagement of nursing care facilities.

Analysts expect Cisco Systems (Nasdaq: CSCO) to report sharply higher fourth quarter earnings and revenue on Wednesday.

A Food and Drug Administration advisory panel will review Arena Pharmaceuticals' (NYSE: ARNA) obesity treatment Iorcaserin on September 16. A recommendation is expected.

On the downside

Shares of Synutra International (Nasdaq: SYUT) plunged ahead of its earnings release after market close.

Alpha Natural Resources (NYSE: ANR) did not comment on a newspaper report that it was exploring the option of acquiring Whitehaven Coal in Australia.

RBC Capital Markets downgraded Mueller Water Products (NYSE: MWA).

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by more than 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 4 points to 655.

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