Relief flooded Wall Street after a number of Federal Reserve speakers took a dovish turn following increasingly hawkish rhetoric. Fed Governor Lael Brainard cautioned prudence in raising rates. Horizon Pharma (HZNP) agreed to purchase Raptor Pharmaceutical (RPTP) in an all-cash deal worth around $800 million. Horizon said the deal broadens its ability to treat rare diseases. Software developer Open Text (OTEX) climbed after agreeing to acquire Dell's Enterprise Content Division for just over $1.6 billion. The employees of the unit will be integrated into Open Text. Pandora (P) climbed on reports it is close to announcing a new $5-a-month streaming service as soon as this week. The company could also offer a $10-a-month music-on-demand platform to rival Spotify by year's end. TheStreet's Keris Lahiff reports from Wall Street.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.