Financial News

Unexpected drop in jobless claims boosts markets

An unexpected drop in first time applications for unemployment benefits sent the markets soaring with the Dow surging 118 points to 20,172. Nasdaq climbed 32 points to 5,715.

On the upside

Johnson Controls (NYSE: JCI) entered a partnership with Aqua Metals (Nasdaq: AQMS) to license AquaRefining technology, supply Aqua Metals with batteries to recycle, purchase AquaRefined metals and acquire just under 5% of Aqua Metals outstanding shares.

Banc of California (NYSE: BANC) reported that an independent investigation found no violations of the law as alleged by an anonymous blogger.

Cliffs Natural Resources (NYSE: CLF) reversed year ago losses to post a greater than expected profit for the fourth quarter.

On the downside

Moleculin Biotech (Nasdaq: MBRX) priced its public offering of securities.

Fifth Street Financing (Nasdaq: FSC) reported a greater than expected loss for the first quarter.

iRobot (Nasdaq: IRBT) reported lower fourth quarter earnings.

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The broader S&P 500 index climbed 13 points to 2,307. Bitcoin plunged $88 to $955.

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