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Indexes surged after some companies reported better-than-expected results.


The S&P 500 jumped 1.6% to 4,432.53 during midday trading.

The Dow Jones Industrial Average rose 1.5% to 34,890.50.

The Nasdaq climbed 1.7% to 14,815.50.

The yield on a 10-year Treasury bond fell to 1.516%.

The price of gold increased 0.3% to $1,800.

The price for a barrel of oil increased 0.6% to $81.00.


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FRANCHISING

 

Irvine-based fitness franchisor Xponential Fitness Inc. (NYSE: XPOF) was up 8.3% to $14.83 per share and a market cap of $702.6 million. The company today reported the acquisition of Australian fitness franchisor Body Fit Training (BFT) for $44 million. Following the buyout, Xponential expects to enter a master franchise agreement with BFT, assisting its roughly 130 studios across Australia, New Zealand and Singapore, as well as 150 others slated to open throughout the Asia Pacific region within the next year, the company said.


DRUGMAKERS

 

Shares in the contract drug manufacturer Avid Bioservices Inc. (Nasdaq: CDMO) jumped 5.6% to $24.79 apiece for a market cap of $1.5 billion. The Tustin-based company today announced it is building a “world-class” facility in Costa Mesa to support the expansion of its manufacturing services into the cell and gene therapy markets.