China Renews Google's License, Markets Close Higher

The Chinese government renewed Google's license to operate in the country. The markets closed modestly higher with the Dow gaining 59 points to 10,198. Nasdaq climbed 21 points to 2196.

On the upside

RAIT Financial Trust (NYSE: RAS) will release second quarter earnings before markets open on Friday, July 23.

GMX Resources (NYSE: GMXR) expects third quarter production to rise sequentially.

GenCorp (NYSE: GY) reported higher second quarter earnings yesterday as revenue climbed.

On the downside

Rodman & Renshaw analyst Elemer Piros downgraded Vivus (Nasdaq: VVUS) citing possible safety concerns over its obesity treatment Qnexa.

Shares of Baidu (Nasdaq: BIDU) fell after the Chinese government renewed Google's (Nasdaq: GOOG) license.

Nokia (Nasdaq: NOK) requested assistance from the Russian police for the return of a prototype smartphone in the possession of blogger Eldar Murtazin.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 9 points to 629.


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