Markets Extend Gains on Fed Moves to Boost Economy
A Bloomberg survey of economists signaled the possibility of $45 billion in monthly Treasury purchases by the Federal Reserve to bolster the mortgage bond market. The Dow surged 116 points to 13,286 while Nasdaq soared 41 points to 3028. On the upside
Shares of Apple (Nasdaq: AAPL) reversed recent losses as bargain hunters snapped up the stock and helped boost the tech sector. The U.S. government announced plans to sell its remaining shares of insurer American International Group (NYSE: AIG), recipient of bailout funds. Shares of Acura Pharmaceuticals (Nasdaq: ACUR) continued to rally for a second day after it launched cold medicine that cannot be converted to illegal methamphetamine. On the downside SunCoke Energy (NYSE: SXC) offered 2013 guidance that projected a drop in the price of coal. Shares of SPX Corporation (NYSE: SPW) fell on word that the company may be looking to buy rival machinery maker Gardner Denver (NYSE: GDI). Shares of Main Street Capital (NYSE: MAIN) promptly fell after the investment firm announced a public offering of 2.5 million shares at $28 each. In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The broader S&P 500 index gained 13 points to 1432.