Markets rebound to close sharply higher

The markets rebounded from yesterday’s collapse to close sharply higher with the Dow rocketing 292 points to 16,351. Nasdaq leaped 113 points to 4,749.

On the upside

Reuters reported that Puerto Rico’s Electric Power Authority restructured its debt sending shares of MBIA (NYSE: MBI) higher.
 
Bargain hunters lifted shares of Arch Coal (NYSE: ACI).

Zacks Equity Research added AAC Holdings (NYSE: AAC) to its Zacks Rank #1 Strong Buy list.

On the downside

AeroVironment (Nasdaq: AVAV) widened first quarter losses more than expected.
 
Shares of Chesapeake Energy (NYSE: CHK) fell as crude oil inventories rose.

Investors locked in profits on Forward Industries (Nasdaq: FORD).

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by nearly 7 to 3 on Nasdaq. The broader S&P 500 soared 35 points to 1,948. Bitcoin added $1 to $227.

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