Fed Will Jumpstart Economy, Markets Soar

Federal Reserve chairman Ben Bernanke reassured investors that the Fed will take necessary actions to jumpstart the stalled economic recovery. The markets closed sharply higher with the Dow leaping 164 points to 10,150 while Nasdaq surged 34 points to 2153.

On the upside

Dollar Financial (Nasdaq: DLLR) narrowed fourth quarter losses more than expected as revenue climbed.

WPCS International (Nasdaq: WPCS) affirmed that it received a buyout offer from Riley Group.

Healthspring (NYSE: HS) will purchase Bravo Health, a Medicare plans operator, for approximately $545 million.

On the downside

International Rectifier (NYSE: IRF) reported fourth quarter earnings that slipped as expenses rose.

Net 1 UEPS Technologies (Nasdaq: UEPS) disappointed by swinging to a loss for the fourth quarter.

Shares of SanDisk (Nasdaq: SNDK) tumbled after Bank of America/Merrill Lynch analyst Simon Dong-ye Woo said that prices for TLC NAND memory chips have dropped 20% this quarter.

In the broad market, advancing issues outpaced decliners by a margin of nearly 9 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks jumped 17 points to 616.

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