Mid-Afternoon Market Update: Crude Oil Down 2%; Infinity Pharmaceuticals Shares Spike Higher

Toward the end of trading Thursday, the Dow traded down 0.05 percent to 22,862.31 while the NASDAQ slipped 0.01 percent to 6,602.76. The S&P also fell, dropping 0.06 percent to 2,553.83.

Leading and Lagging Sectors

Thursday afternoon, the non-cyclical consumer goods & services shares surged 0.69 percent.

In trading on Thursday, telecommunications services shares fell 1.01 percent. Meanwhile, top losers in the sector included AT&T Inc. (NYSE: T), down 4 percent, and Comcast Corporation (NASDAQ: CMCSA) down 3 percent.

Top Headline

JPMorgan Chase & Co. (NYSE: JPM) posted stronger-than-expected earnings for its third quarter.

JPMorgan posted quarterly adjusted earnings of $1.76 per share on revenue of $26.2 billion. However, analysts expected earnings of $1.65 per share on revenue of $25.2 billion.

Equities Trading UP

Ardelyx Inc (NASDAQ: ARDX) shares shot up 47 percent to $7.95 after the company disclosed that its pivotal Phase 3 study of tenapanor hit primary and all secondary endpoints.

Shares of Infinity Pharmaceuticals Inc. (NASDAQ: INFI) got a boost, shooting up 98 percent to $3.31. The biopharma company’s IPI-549 monotherapy data was selected for a “late-breaker” …

Full story available on Benzinga.com

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