Fed Trims GDP Growth Projections, Markets Close Flat

The markets closed near the flatline with the Dow adding 3 points to 10,366 after the Federal Reserve trimmed its gross domestic product growth projection. Nasdaq rose 7 points to 2249.

On the upside

HSW International's (Nasdaq: HSWI) BoWenWang website entered a content distribution and branding relationship with NetEase (Nasdaq: NTES).

The Food and Drug Adminstration granted Keryx Biopharmaceuticals' (Nasdaq: KERX) and Aeterna Zentaris' neuroblastoma treatment KRX-0401 orphan drug status.

Goldman Sachs analyst Sal Tharani upgraded AK Steel (NYSE: AKS) to a Buy rating saying that earnings will increase.

On the downside

Kulicke & Soffa (NYSE: KLIC) said that some orders in the fourth quarter were pushed out.

Credit Suisse analyst Thomas Gallagher downgraded Lincoln National (NYSE: LNC) and lowered his price target on the insurance company.

Cal Dive International (NYSE: DVR) will release earnings after market close on July 28 and hold a conference call on July 29 at 10am.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 640.

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