Mid-Afternoon Market Update: Dow Surges Over 200 Points; Intercept Pharma Shares Climb On Takeover Rumor

Toward the end of trading Tuesday, the Dow traded up 1.41 percent to 17,612.53 while the NASDAQ climbed 1.42 percent to 5,022.68. The S&P also rose, gaining 1.52 percent to 2,052.62. Leading and Lagging Sectors On Tuesday, energy shares surged by 2.43 percent. Top gainers in the sector included Cloud Peak Energy Inc. CLD, Vanguard Natural Resources, LLC VNR, and Ecopetrol SA (ADR) EC. In trading on Tuesday, industrials shares rose by just 0.5 percent. Meanwhile, top losers in the sector included Kennametal Inc. KMT, down 16 percent, and Smith & Wesson Holding Corp SWHC, down 10 percent. Top Headline FactSet Research Systems Inc. FDS reported weaker-than-expected results for its fiscal first quarter. The company reported a quarterly profit of $60 million, or $1.43 per share, compared to $55.9 million, or $1.32 per share, in the year-ago period. Excluding items, the company's adjusted earnings came in at $1.44 per share. Its revenue rose 11 percent to $270.5 million. However, analysts were expecting earnings of $1.47 per share on revenue of $272 million. Equities Trading UP Lumber Liquidators Holdings Inc LL shares shot up 28 percent to $17.95 following Monday's Whitney Tilson announcement that he covered his position in the company. Shares of Valeant Pharmaceuticals Intl Inc VRX got a boost, shooting up 19 percent to $112.47 following announcement of deal with Walgreens Boots Alliance Inc WBA. Intercept Pharmaceuticals Inc ICPT shares were also up, gaining 18 percent to $164.20 on speculation that Shire PLC (ADR) SHPG is considering an acquisition offer, according to outlet "This Is Money." Equities Trading DOWN Kennametal Inc. KMT shares tumbled 16 percent to $21.55 after the company lowered its forecast for fiscal 2016. Shares of Landauer Inc LDR were down 12 percent to $32.47. Landauer reported Q4 earnings of $0.27 per share on revenue of $40.161 million. 3M Co MMM was down, falling 6 percent to $148.96 after the company lowered its FY 2015 earnings guidance. Commodities In commodity news, oil traded up 3.25 percent to $37.49, while gold traded down 0.12 percent to $1,062.10. Silver traded up 0.62 percent Tuesday to $13.78, while copper fell 2.63 percent to $2.06. Eurozone European shares closed higher today. The eurozone's STOXX 600 rose 2.87 percent, the Spanish Ibex Index surged 3 percent, while Italy's FTSE MIB Index climbed 3.74 percent. Meanwhile, the German DAX climbed 3.07 percent, and the French CAC 40 jumped 3.16 percent, while U.K. shares rose 2.45 percent. Economics The Empire State manufacturing index rose to a reading of negative 4.6 in December, versus a reading of negative 10.7 in the previous month. However, economists were expecting reading of negative 6.0. US consumer price index came in flat in November, while the core prices rose 0.2 percent in the month. The NAHB housing market index slipped to a reading of 61.00 in December, versus a prior reading of 62.00. However, economists were expecting a reading of 63.00. The Federal Open Market Committee begins its two-day policy meeting today.