Midday Report: Valeant Jumps on FDA Approval; Dow at Records

Stocks moved higher, boosted by a series of earnings reports from the likes of Microsoft, Morgan Stanley and United Continental.
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Stocks moved higher, boosted by a series of earnings reports from the likes of Microsoft (MSFT) - Get Report , Morgan Stanley (MS) - Get Report and United Continental (UAL) - Get Report . Microsoft, in particular, lent upward momentum to Wall Street. Crude oil turned positive after the weekly release on U.S. stocks from the Energy Information Administration showed a decline. Ballooning global supplies and production have been a scourge to prices for more than a year.  Valeant Pharmaceuticals (VRX) jumped on two separate pieces of good news. The first, the FDA advisory committee unanimously recommended approval of its psoriasis treatment. The FDA approved a treatment for opioid-related constipation, a dual effort from Progenics (PGNX) - Get Report and Valeant. Progenics licenses the treatment to Valeant which will begin marketing of the treatment in the third quarter.