Drop in retail sales eases inflation fears

Retail sales fell more than expected in January which calmed investor concerns that the Federal Reserve would accelerate its rate hikes in order to tame inflation. The markets surged to close sharply higher with the Dow rocketing 253 points to 24,893. Nasdaq leaped 130 points to 7143.


On the upside


Fossil Group (NYSE: FOSL) reported a smaller than expected loss for the fourth quarter.


Criteo (Nasdaq: CRTO) reported higher fourth quarter earnings and revenue.


The Food and Drug Administration has agreed that the available efficacy and safety data for DBV Technologies' (Nasdaq: DBVT) Viaskin Peanut supports submission of a Biologics License Application for the treatment of peanut allergy in children four to 11 years of age.

On the downside


Tetraphase Pharmaceuticals (Nasdaq: TTPH) reported disappointing results from a Phase 3 clinical trial of eravacycline to treat patients with complicated urinary tract infections.


FourWorld Capital issued a report saying that Omeros (Nasdaq: OMER) could potentially default on its term loan.


Investors locked in profits on GNC Holdings (NYSE: GNC).


In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by nearly 3 to 1 on Nasdaq. The broader S&P 500 surged 35 points to 2,698. Bitcoin jumped $899 to $9,447.


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