Markets Surge As Military Action Less Likely

The markets surged to close sharply higher with the Dow leaping 135 points to 15,326 as the prospect of military action against Syria continued to wane. Nasdaq lost 4 points to 3725.

On the upside

Shares of Galectin Therapeutics (Nasdaq: GALT) continued rising after announcing yesterday that it received a patent for its fatty liver disease treatment.

Synnex (NYSE: SNX) will purchase the customer care outsourcing business from IBM (NYSE: IBM) for approximately $505 million in cash and stock.

Gogo (Nasdaq: GOGO) introduced its next generation Gogo GTO service that will deliver more than 60 Mbps to airline flights.

On the downside

A Seeking Alpha contributor expects the stock price of Avanir Pharmaceuticals (Nasdaq: AVNR) to crash.

GSV Capital (Nasdaq: GSVC) will offer $50 million in convertible notes through a private offering.

Multimedia Games director (Nasdaq: MGAM) Stephen J. Greathouse sold more than $1 million worth of company stock.

In the broad market, advancing issues outpaced decliners by a margin of 7 to 5 on the NYSE while decliners edged out advancers by more than 10 to 9 on Nasdaq. The broader S&P 500 added 5 points to 1689.

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