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September 01, 2020 10:18am
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Higher close even as oil slips

The markets closed higher with the Dow surging 120 points to 17,602 even as crude oil prices slipped. Nasdaq gained 20 points to 4,795.

On the upside

Bank of America (NYSE: BAC) will repurchase up to $800 million worth of common shares.

Susquehanna downgraded Micron Technology (Nasdaq: MU) from a Positive rating to a Neutral rating but the stock price rose.

Intel (Nasdaq: INTC) may sell $1 billion worth of its venture capital unit’s assets.

On the downside

Shares of Valeant Pharmaceuticals (NYSE: VRX) continued to fall.

Retreating crude oil prices weighed down shares of EXCO Resources (NYSE: XCO) and Whiting Petroleum (NYSE: WLL).

Offshore drilling services provider Transocean (NYSE: RIG) fell as crude oil prices retreated.

In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 gained 8 points to 2,049. Bitcoin dropped $10 to $406.

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